Climate Change Data

Environmental Metrics

ESG Focus Areas

• Greenhouse gas emissions reduction
• Renewable energy
• Affordability
• Economic sustainability
• Risk management

Environmental Achievements

• Reduced greenhouse gas emissions from 8.8 Mt in 2005 to 3.4 Mt in 2018 (over 60% reduction)
• Increased renewable energy to over 40% in 2019 and projected 44% in 2020
• Added 311 MW of wind generation since 2007
• Closed two fossil-fueled generating stations in 2010 and 2012
• Completed world's first refurbishment of a CANDU-6 nuclear reactor in 2012

Social Achievements

• Broad public engagement campaign involving 6,705 New Brunswickers (including First Nations) to understand customer priorities for the province's energy future
• Energy Smart NB program resulting in a 70 MW reduction to peak demand since 2013 and over 250 GWh of savings

Governance Achievements

• Alignment of the 10-Year Plan with the IRP as per the Electricity Act
• Submission of the IRP to the Government of New Brunswick for approval and to the New Brunswick Energy and Utilities Board

Climate Goals & Targets

Environmental Challenges

• Balancing least-cost planning with economic and environmental sustainability and risk management
• Meeting federal and provincial regulations on greenhouse gas emissions and renewable energy
• Maintaining low and stable rates for New Brunswickers while achieving a debt-to-equity ratio of 80/20 by 2027
• Managing the variability of intermittent renewable energy sources
• Addressing the phase-out of coal-fired generation by 2030 or achieving equivalent emissions reductions

Mitigation Strategies

• Negotiating an equivalency agreement with the federal government to allow continued use of coal at Belledune until 2040 while meeting emission reduction targets
• Implementing a Made-in-New Brunswick carbon plan to meet federal regulations at a lower cost
• Investing in Energy Smart NB program to reduce energy consumption and peak demand
• Extending the life of Bayside, Millbank, and Ste. Rose generating stations
• Adding new wind generation and replacing Point Lepreau capacity in-kind

Supply Chain Management

Climate-Related Risks & Opportunities

Transition Risks

• Federal and provincial regulations on greenhouse gas emissions and renewable energy

Opportunities

• Development of energy-efficient products and services

Environmental Metrics

ESG Focus Areas

• Energy Security
• Net-zero Electricity System
• Sustainable Nuclear Future
• Financial Sustainability
• Safety
• Environmental Stewardship
• Indigenous Relations
• Debt Reduction
• Community Collaboration
• Energy Efficiency

Environmental Achievements

• 76 per cent of the electricity delivered to customers was carbon-free.
• 69 GWh reduction to in-province energy consumption through energy efficiency programs.
• First grid-connected, utility-scale solar farm online.

Social Achievements

• Launched Enhanced Energy Savings program, providing solutions to help manage energy bills and usage for over 5,200 homes.
• Provided free energy efficiency kits to over 23,000 renters and not-for-profits.
• Renewed Shared Safety Commitment with IBEW Local 37.
• High level of employee engagement in employee experience survey.

Governance Achievements

• Completed Bayside Generating Station gas turbine and generator replacements, increasing production efficiency and reducing emissions.
• Engaged PwC to identify further opportunities to optimize costs and implemented a work optimization program.
• Received a 10-year Power Reactor Operating Licence for the Point Lepreau Nuclear Generating Station.

Climate Goals & Targets

Environmental Challenges

• Net loss of $43 million due to inflationary cost pressures, supply chain challenges, increasing interest rates, downturn in investment returns, and unplanned outages at Point Lepreau Nuclear and Bayside generating stations.
• Increased net debt by $468 million.
• Extended and unplanned outages at Point Lepreau Nuclear and Bayside generating stations.
• Global events impacting the supply of smart meters.
• Hurricane Fiona and extreme cold snap impacting energy demand and supply.
• Aging infrastructure.
• High degree of electric heat penetration in homes leading to weather-dependent electricity requirements.
• Point Lepreau Nuclear Generating Station performance not meeting operating objectives and declining in recent years.

Mitigation Strategies

• Maximized the availability of the hydro system to provide lowest cost energy.
• Adjusted outage schedules to maximize export opportunities.
• Expanded energy purchasing capabilities in neighboring markets.
• Implemented a work optimization program to reduce positions.
• Investing in renewables and modernizing the grid.
• Investing in energy efficiency.
• Exploring partnership opportunities to improve Point Lepreau Nuclear Generating Station performance.
• Applied for a general rate increase.
• Proactively working with suppliers to ensure continuing supply of materials and services, securing alternative suppliers where necessary.

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events (e.g., Hurricane Fiona)

Transition Risks

• Uncertainty around climate change regulations and policies.

Opportunities

• Development of energy-efficient products and services.
• Expansion of renewable energy sources.

Reporting Standards

Frameworks Used: IFRS

Third-party Assurance: KPMG LLP

Sustainable Products & Innovation

• Smart meters
• Heat pumps

Environmental Metrics

ESG Focus Areas

• Clean energy transition
• Grid modernization
• Energy efficiency
• Workforce development
• Net-zero emissions

Environmental Achievements

• Annual planned maintenance outage at Point Lepreau Nuclear Generating Station completed to ensure long-term reliability.
• Partnership with ARC Clean Technology Canada, Inc. to submit an Environmental Impact Assessment registration document for an advanced small modular reactor project.

Social Achievements

• Hosted the fourth energy efficiency conference, Building Momentum, bringing together international energy experts.
• Strategic plan focuses on creating a thriving workforce.

Governance Achievements

• Released a new strategic plan, "Energizing our Future", outlining an action plan for the future and ensuring cost sustainability through continuous improvement.

Climate Goals & Targets

Environmental Challenges

• Cost pressures due to inflation and higher interest rates.
• Debt challenges.
• Lower hydro generation.

Mitigation Strategies

• First wave of cost-saving initiatives identified and executed.
• Strategic plan aims to address debt challenges and achieve net-zero goals.
• Increased electricity and fuel purchases to replace lower hydro generation.

Supply Chain Management

Climate-Related Risks & Opportunities

Sustainable Products & Innovation

• Small modular reactors