New strategic plan designed to guide NB Power’s transformation
Fredericton, N.B. – NB Power has released its new strategic plan, Energizing our Future, designed to guide the utility as it transforms to meet evolving customer expectations, while placing the utility in a stronger financial position and continuing its path to cleaner, greener energy.
“The transformation we are proposing in our strategic plan will allow us to keep providing services to New Brunswickers, while improving those services by making them more flexible. It will mean our company is more financially stable and that we’re doing the right things for our customers, our employees, the climate and our company,” said Lori Clark, NB Power President and Chief Executive Officer.
Clark said global challenges such as inflation, political and social unrest, supply chain disruption and the affects of climate change are having massive impacts on the utility’s business. NB Power is also experiencing disruptive change to its business including evolving customer expectations, an expanding competitive market, the pace of decarbonization, development of new technology, an evolving economy and updated government regulations.
The new strategic plan, Energizing our Future, is designed to help NB Power seize the opportunity to transform its business during this period of uncertainty and disruption by developing new ways of thinking and new ways of operating.
The plan, which aligns with the Province of New Brunswick’s new energy vision, is built on six strategic transformers that will lead to success for the utility
- transition to a cost-effective, clean and secure energy supply
- modernize the grid
- electrify and grow load
- deliver competitive customer value
- create a thriving workforce
- align, engage and optimize
Clark said that over the life of the plan, NB Power will explore new, cleaner ways of delivering energy to customers and seek new partnerships to improve its service delivery and financial position. The utility will continue developing tools to help customers improve their energy efficiency and will develop a stronger, smarter grid. It will also pursue small modular nuclear reactors and find new revenue opportunities.
The new strategic plan includes key performance indicators that will be used to evaluate the utility’s success. Actions NB Power will take in support of the plan and its progress in meeting the key performance indicators will be detailed in its annual business plans.
To learn more, visit nbpower.com/energizingourfuture
Media Contact: Dominque Couture, Communications, (506) 458-2345 or DCouture@nbpower.com