Between February 29th and March 22nd, 2024, provincial governments across Atlantic Canada released their budgets for 2024-25. Below is a summary of select energy sector highlights from each of the budgets. New legislation proposed in Nova Scotia and New Brunswick relating to the sector are also outlined.  

Nova Scotia Budget 2024: 

Select highlights related to the energy sector: 

  • $5.4 million to increase the amount of renewable energy by building at least 500 megawatts of new local renewable energy by 2026 and 50 megawatts of new community solar energy. 
  • $1.5 million to advance the Green Hydrogen Action Plan through public engagement and increase awareness about renewable energy opportunities. 
  • $3 million to develop a Clean Energy Fund to support more communities to complete clean energy projects. 
  • $3 million to invest in the Clean Fuels Fund to support industries and businesses to adopt low-carbon and renewable fuels such as green hydrogen, renewable natural gas, biofuels and sustainable biomass. 
  • $1.3 million to invest in the Fisheries and Aquaculture Energy Efficiency Innovation Fund and a Climate Change Adaptation fund to help the sector reduce energy use and prepare for climate change. 
  • $144.2 million for the Your Energy Rebate Program to eliminate the 10% provincial HST on home heating. 
  • $5.5 million more, for a total of $23.4 million, for the Payroll Rebate Program, which provides incentives to attract innovative companies to the province and create jobs. 
  • $12 million for the Innovation Rebate Program, which provides incentives for businesses to invest in their operations and become more innovative, productive, competitive and sustainable. 
  • $14.1 million for the Capital Investment Tax Credit, a refundable corporate tax credit that can be claimed for capital equipment and property for use in Nova Scotia and recently expanded to include emerging sectors like aerospace and manufacturing. 

New Brunswick Budget 2024: 

Select highlights related to the energy sector: 

  • $50 million for the Enhanced Energy Savings Program to provide free heat pumps, air sealing and insulation for eligible recipients. 
  • $5 million to support energy conservation for people who use non-electric fuel types, First Nations, non-profit organizations, and low-income individuals and families. 
  • $12.5 million to navigate a complex regulatory approval process and ensure that clean non-emitting nuclear energy is generated safely. 

Prince Edward Island Budget 2024:

Select highlights related to the energy sector: 

  • Expanding the electric vehicle charging network – $1M. 
  • Subsidies to support the PEI Agriculture Energy Systems Pilot program and create a land purchase support program for new farmers. 
  • Incentivizing Installation of Heat Pumps, Hot Water Heaters and Insulation – $7.3M.  

Newfoundland and Labrador Budget 2024:

Select highlights related to the energy sector: 

  • Continuing the 8.05 cent per litre (includes HST) reduction in the provincial tax on gasoline and diesel. 
  • Maintaining the home heating supplement for furnace and stove oil. 
  • Fixing the financing of the Muskrat Falls Project through a $5.2 billion rate mitigation agreement with the Government of Canada. 
  • A reduction in the small business corporate tax rate, effective January 1, 2024, from 3 per cent to 2.5 per cent on the first $500,000 of active business income.  
  • $2.6 million to implement the Critical Minerals Strategy. 
  • A 20% Green Technology Tax Credit to help businesses with specific capital costs for green activities, such as equipment for energy conservation and clean energy generation and the efficient use of fossil fuels. 
  • $81.9 million to reduce greenhouse gas emissions, while addressing energy affordability including support to transition homes from oil to electric heat. 
  • $11.5 million for the Green Transition Fund. 
  • $1.1 million for electrical vehicle infrastructure. 
  • $13.7 million in funding for the Innovation and Business Development Fund. 
  • $1.5 million to continue work on a natural gas resource assessment that will help identify the volume of gas within the offshore oil reservoirs in the Jeanne d’Arc Basin. 
  • Oil production is projected to be 86 million barrels in 2024-25. Oil revenues in 2024-25 are expected to represent 15 per cent of overall revenues compared to 33 per cent in 2011-12. 

 

Recent legislation proposed relating to the energy sector:  

Nova Scotia:  

 New Brunswick: