Energy Plan - Government of Newfoundland and Labrador

POLICY
ACTIONS
Managing Our Energy
Warehouse
The Government of
Newfoundland and Labrador will:
• Increase strategic investment
in information gathering
on our energy resources
and options for their
development.
• Ensure that our policies and
legislation provide us with the
tools to responsibly control
the pace of development and
benefits we receive from our
resources.
• Plan and make decisions
between now and 2041 to
ensure Upper Churchill’s
success in the future as well
as organizing our current
and future energy resource
developments to maximize
benefits while minimizing
fluctuations in our economy.
• Ensure the Energy
Corporation takes a lead role
in the development of our
energy resources.
We will maintain our focus on 2041, when the Upper Churchill contract expires
and the province is in the position to receive the full benefit from this resource.
Between now and 2041, we will carefully plan and make decisions to ensure
Upper Churchill’s success in the future, as well as organizing our current and
future energy resource developments, to maximize benefits while minimizing
fluctuations in our economy.
To manage our Energy Warehouse, we will make the right resource management
decisions by being knowledgeable about our resource potential and the options
for developing it. We will work to overcome any barriers that may prevent us from
unlocking our potential. We will ensure our policy and legislative structure provides
us with the appropriate tools to responsibly control the pace of development
and the benefits we receive from our resources. We are also prepared to make
investments in strategic infrastructure and resource development, after giving
due consideration to the associated risks.
We have already begun implementing one of the key initiatives of this Energy
Plan. In June 2007, we passed legislation to create the new provincial Energy
Corporation. It will take a lead role in the province’s participation in the
development of our energy resources. This Energy Corporation will be wholly
owned by the province and will be the parent company of Newfoundland and
Labrador Hydro (NLH), Churchill Falls Labrador (CF(L)Co) Corporation, other
subsidiaries currently owned by NLH and new entities created to manage the
province’s investments in the energy sector. This will provide a structure that
permits both regulated and non-regulated activities to exist and grow within
separate legal entities. The direction and mandate of this corporation is further
defined throughout this Energy Plan.
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