Energy Plan - Government of Newfoundland and Labrador

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As worldwide energy demand continues to rise, our energy assets continue to increase in value; the key to our success is to unlock their potential by finding the most economic ways to develop our Energy Warehouse in the best interests of the province. Figure 2.11 WTI Crude Price Forecast (Nominal $US) As seen in Figures 2.11 to 2.13, a number of major shifts in the global energy market have significantly increased energy prices. These high prices are forecasted to continue, which will further increase the value of our Energy Warehouse. Figure 2.12 Natural Gas Price Forecast (Nominal $US) Figure 2.13 U.S. Electricity Generation Price Forecast (USDOE, Feb 2007) 12
Managing Our Energy Warehouse We are at a turning point in our history. We have an abundance of energy resources in an energy hungry world. We are financially stronger as a result of the revenues generated by our non-renewable resources and the 2005 Atlantic Accord agreement. We have access to a skilled workforce of Newfoundlanders and Labradorians, both here and throughout the world, and we are working to attract others. We have a strong business community. We have strong educational and research institutions to build on our research and development capacity. We also recognize that we face significant challenges in developing our energy projects. Some of these challenges are beyond our control, including interest rates and currency fluctuations. Higher interest rates mean higher costs to construct or develop energy projects, while a strong Canadian dollar reduces the return from energy exports to the United States. To accomplish our Energy Plan goals, we need to continue to encourage private sector investment and effectively engage partners to assist in developing our resources. We need to build relationships and continue to work with investors, industry, educational institutions, labour, aboriginal governments and groups, other governments and customers. We will take more control than in the past over the development of these resources and the benefits they generate. We will not rely on outside interests to determine our destiny – this is our responsibility. We will protect our environment and ensure resource developments benefit our economy now and for future generations. POLICY ACTIONS Managing Our Energy Warehouse The Government of Newfoundland and Labrador will: • Ensure that any future fiscal regimes provide maximum returns to the people of this province and are designed to respond to changing circumstances. • Assume an ownership interest in the development of our energy resources where it fits our strategic long-term objectives. • Leverage our non-renewable oil and gas wealth into a renewable future by investing a significant portion of our non-renewable resource revenues in renewable energy infrastructure and development. • Actively seek resource development partners and work with those partners, other governments and customers to develop these resources for our mutual benefit. (continued) 13
Page 3: Focusing our Energy Table of Conten
Page 6 and 7: Letter from the Minister Focusing O
Page 10 and 11: Our Energy Newfoundland and Labrado
Page 12: 4. Maximizing Electricity Export Va
Page 15 and 16: Figure 2.2 Potential Opportunity fo
Page 17 and 18: Figure 2.6 Non-Renewable Energy Ass
Page 19: Valuing the Energy Warehouse The Pr
Page 24 and 25: OIL AND GAS Throughout the world, o
Page 26 and 27: POLICY ACTIONS Encouraging Explorat
Page 28 and 29: POLICY ACTIONS Equity Ownership The
Page 30 and 31: POLICY ACTIONS Fiscal Regime The Go
Page 32 and 33: POLICY ACTIONS Land Management The
Page 34 and 35: POLICY ACTIONS Employment and Indus
Page 36: POLICY ACTIONS Landing Natural Gas
Page 39 and 40: Increasing our participation in Nor
Page 41 and 42: Labrador residents will be primary
Page 43 and 44: Hydroelectric Power Production Coor
Page 45 and 46: In recent years, advances in wind t
Page 47 and 48: In the event that the Lower Churchi
Page 49 and 50: Transmission and Distribution Newfo
Page 51 and 52: As part of the Lower Churchill Proj
Page 53 and 54: Figure 4.6 Potential Export Routes
Page 55 and 56: Power to identify synergies to ensu
Page 58 and 59: Energy and Our Environment In an in
Page 60 and 61: POLICY ACTIONS Air Emissions The Go
Page 62 and 63: Capturing the Value of our Renewabl
Page 64 and 65: POLICY ACTIONS Capturing the Value
Page 66 and 67: POLICY ACTIONS Planning and Coordin
Page 68 and 69: POLICY ACTIONS Efficiency and Conse
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POLICY ACTIONS A Culture of Conserv
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Professional and Skilled Workers Ou
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An available and diverse workforce
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Focusing on Our Best Opportunities
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The province will monitor other ene
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Labrador Labrador is unique in its
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Conclusion This Energy Plan reflect
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Figure 2.10 Source: Government of N
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80 Appendix A Offshore and Onshore
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Action 10: Action 11: Action 12: Th
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Access to Programming and Services
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Appendix E Glossary BCF (Billion Cu
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Petajoule One million gigajoules. P
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Appendix F Acronyms 92 bbls BCF C-N
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Energy Plan - Government of Newfoundland and Labrador

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