The next steps in NB Power’s future

On March 27, the three leads responsible for the independent review of NB Power released their final report and recommendations. The report, Fit for the Future – A Comprehensive Review of NB Power, includes 50 recommendations for NB Power and the Government of New Brunswick to help improve the future of the utility.

The independent review was launched in April 2025, and the review team included Michael Bernstein, Anne Bertrand and Duncan Hawthorne. The team was tasked to study the utility’s financial sustainability, governance and utility structure, investment attractiveness, strategic partnerships, and customer expectations.

The Atlantica Centre for Energy participated in the year-long review in several ways including meeting with the review team in-person, attending public open-houses, submitting research and written feedback, and Michelle Robichaud participated on the Review Advisory Committee.

Review team delivers recommendations

Several of the Centre’s top review priorities were captured in the final report including enabling regional collaboration and all-energy planning, addressing concerns with industrial rate competitiveness and flexibility, improving energy literacy and communication, and tackling the long-term financial health of the utility.

Highlights

Select recommendations from the report include:

System Planning and Regional Collaboration:

Develop a new cohesive government energy policy that is aligned with NB Power’s future needs and other themes that are covered in the report.
Use detailed asset management plans, financial models and analysis that go out at least 20 years to match the minimum planning horizon of the IRP, and consider the following
- IRP analysis should include the role natural gas and consider increasing its deployment for heating purposes.
- Continue evaluating scenarios that include the impact of emerging technologies and offramps in the case that certain assumptions vary significantly.
- Expand the scope of the IRP to include the assessment of opportunities for greater regional cooperation and integration in order to show the outcomes for New Brunswick .
- Recent conversations around projects of national interest have highlighted the opportunity for enhanced regional cooperation in the Atlantic region. This is further supported by the recent report released by the Atlantica Centre for Energy.
The Government of New Brunswick make concerted and focused effort to explore all possible areas of regional integration and cooperation across regional electrical utilities.
Have an immediate discussion regarding the potential establishment or sharing of responsibilities of a Maritime Independent System Operator.
Expand the existing coordination on procurement with neighbouring utilities.
Review the efficacy of the various social, energy efficiency and demand side management programs to identify greatest value for money and which entity should be delivering programs.

NB Power should not be in the business of leading economic development activities. Should electricity be a part of its economic development strategy, then government should work with NB Power on how to effectively target such an opportunity without causing any negative impacts on the corporation or other customers.
The government, working with NB Power, explore ways to support the economic competitiveness of New Brunswick’s export-dependent sectors including allowing self-generation for those industries that demonstrate a willingness and financial capacity to do so without causing undue impacts on the corporation or other customers. Any extra costs should be borne by the taxpayer, not the ratepayer.
Review relevant the Energy and Utilities Board policies and procedures regarding the regulatory system for electricity and the transition to clean energy supply, as well as self-supply.

NB Power and government embark on enhancing proactive public communication and education to ensure that there is a better understanding of the system, a clearer understanding of the challenges the utility faces and what options are being pursued.
A review of the EUB including changes to allow rulings and decisions to be communicated in a way that can be more easily understood by all interested parties.
Create a new consumer advocate role to ensure residential consumers are more effectively represented in matters that appear before the EUB.
Clarify the approach and strategy between the government and NB Power regarding early communications and engagement with Rightsholders.
- Coordinate an approach for active and early engagement to explore opportunities for equity partnerships with First Nations.

The government begin the work on financial restructuring and the potential corporatization of NB Power.
Write down the regulatory asset associated with the Energy Supply Cost Variance Account (and potentially some other variance accounts).
The utility produce a clear set of acceptance criteria for the approval of the Mactaquac Life Achievement Project, and work collaboratively to determine all potential funding sources and structures and allocation of the costs associated with this project as part of the evaluation work.
Put in place a comprehensive project evaluation plan for the Belledune Generating Station.
The Point Lepreau Nuclear Generating Station should be operationally separated from the other NB Power assets.
The Government of New Brunswick consider initiating the planning assessment phase for an additional large scale, proven technology nuclear plant to be sited alongside the Point Lepreau facility.

NB Power be given the ability to make decisions and operate as a business, free from government interference.

Government response

The Government of New Brunswick is currently review in the report’s recommendations and will provide feedback by the end of May 2026.

“New Brunswickers can trust that we will act on these recommendations in a timely and transparent way… That work has already begun, and we look forward to sharing more.”

– Hon. René Legacy, Minister responsible for Energy

On April 20, 2026, Premier Holt announced the province’s new Economic Development Strategy, which includes a commitment to develop a comprehensive energy strategy, which was recommended in the report. The comprehensive energy strategy will be developed in 2027 and 2028. It will prioritize investment in clean energy generation and policies that enable industry competitiveness.

Next steps

Given the complexity of many recommendations in the report, it is expected the Government of New Brunswick will tackle the report’s recommendations in phases. Longer-term changes, such as the “financial restructuring and the potential corporatization of NB Power,” likely require short-term studies before the government can act further. Some asset recommendations, such as decisions on the future of the Mactaquac and Belledune generating stations, require more immediate action.

The Centre will update this webpage as the government responds with more information.

Resources:

Final report: Fit for the Future – A Comprehensive Review of NB Power
Video: Final report on NB Power review
NB Power independent review panelists
What We Heard… So Far document

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