GE funds power plant for India's booming cement industry

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As part of its global growth drive, GE Energy Financial Services, a unit of General Electric, announced that it is financing the construction of a power plant for an Indian cement company and will set up its first office in the country to pursue additional energy and water investments.

The moves are part of GE's initiative to generate more of its earnings from outside the United States by tapping into fast-growing economies.

Building on a 10-year record of emerging markets investments totaling $1 billion, GE Energy Financial Services is lending INR 75 Crores ($17 million US) to Binani Cement Ltd. for construction of a 22.3-megawatt thermal power plant and associated common utilities in Sirohi, Rajasthan, in north India. This will enable Binani Cement, a subsidiary of Binani Industries Ltd., to meet its enhanced power requirement to expand cement production by April of this year from 2.25 million metric tons to 5.3 million tons annually. Binani Cement also plans to build a second 22.3-megawatt power plant. Binani Cement is proposing a public equity shares offer.

IndiaÂ’s cement consumption, the worldÂ’s second largest after China, is growing at 9 percent annually, because of a boom in housing and infrastructure construction.

Alex Urquhart, President and CEO of GE Energy Financial Services, sees the investment in Binani Cement as just the beginning of a broader, global investing strategy. “India is a launching pad for our global growth, a platform to expand and serve customers in other key markets such as the Middle East and East Asia,” he said.

Added Colleen Harkness, Managing Director and head of Global Growth at GE Energy Financial Services: “For Binani, the power plant we’re helping finance will cut costs by nearly US$ 4 million annually and provide a highly reliable electricity source. For GE, this sets the stage for our growth in India through investments in power projects addressing India’s growing industrial power requirements, including in the cement and steel industries, as well as in renewable energy, electric transmission and water.”

To penetrate the India market, GE Energy Financial Services began operations in New Delhi last fall, and will open an office there during the second quarter of this year, to be headed by Raghuveer Kurada, an energy investment professional.

In electric power alone, India has tremendous potential, with requirements of more than 100 gigawatts, which will require investments of around $200 billion US, including transmission and distribution.

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Kyiv warns of 'difficult' winter after deadly strikes

Ukraine Winter Energy Attacks strain the power grid as Russian missile strikes hit critical infrastructure, causing blackouts, civilian casualties, and damage in Kyiv, Kherson, and Kharkiv, underscoring air defense needs and looming cold-weather risks.

 

Key Points

Russian strikes on energy infrastructure cause outages, damage, and harm as Ukraine braces for freezing winter months.

✅ Russian missile barrage targets critical infrastructure nationwide.

✅ Power cuts reported in 400 localities; grid stability at risk.

✅ Kyiv seeks more air defenses as winter threats intensify.

 

Ukraine has warned that a difficult winter looms ahead after a massive Russian missile barrage targeted civilian infrastructure, killing three in the south and wounding many across the country.

Russia launched the strikes as Ukraine prepares for a third winter during Moscow's 19-month long invasion and as President Volodymyr Zelensky made his second wartime trip to Washington amid a U.S. end to grid support announcement.

"Most of the missiles were shot down. But only the majority. Not all," Zelensky said, calling for the West to provide Kyiv with more anti-missile systems to help keep the lights on this winter amid ongoing attacks.

The fresh attack came as Poland said it would honour pre-existing commitments of weapons supplies to Kyiv, a day after saying it would no longer arm its neighbour in a mounting row between the two allies.

Moscow hit cities from Rivne in western Ukraine to Kherson in the south, the capital Kyiv and cities in the centre and northeast of the country.

Kyiv also reported power cuts across the country -- in almost 400 cities, towns and villages -- as Russia targeted power plants across the grid, but said it was "too early" to tell if this was the start of a new Russian campaign against its energy sites.

Officials added that electricity reserves could limit scheduled outages if no new large-scale strikes occur.

Last winter many Ukrainians had to go without electricity and heating in freezing temperatures as Russia hit Kyiv's energy facilities.

"Difficult months are ahead: Russia will attack energy and critically important facilities," said Oleksiy Kuleba, the deputy head of Kyiv's presidential office.

Ukraine also said that it had struck a military airfield in Moscow-annexed Crimea, a claim denied by Russian-installed authorities.

'Ceilings fell down'
Russia's overnight strikes were deadliest in the southern Kherson, where three people were killed.

In Kyiv's eastern Darnitsky district, frightened residents of a dormitory woke up to their rooms with shattered windows and parked cars outside completely burnt out.

Communities have also adopted new energy solutions to cope with winter blackouts, from generators to shared warming points.

Debris from a downed missile in the capital wounded seven people, including a child.

"God, god, god," Maya Pelyukh, a cleaner who lives in the building, said as she looked at her living room covered in broken glass and debris on her bed.

Her windows and door were blown away, with the 50-year-old saying she crawled out from under a door frame.

Some residents outside were still in dressing gowns as they watched emergency workers put out a fire the authorities said had spread over 400 square meters (4,300 square feet).

In the northeastern city of Kharkiv seamstresses were clearing a damaged clothing factory, with a Russian missile hitting nearby.

"The ceilings fell down. Windows were blown out. There are chunks of the road inside," Yulia Barantsova said, as she cleared a sewing machine from dust and rubble.

 

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New York Faces Soaring Energy Bills

New York faces soaring energy bills as utilities seek record rate hikes, aging grid infrastructure demands upgrades, and federal renewable policies shift. Consumers struggle with affordability, late payments, and rising costs of delivery and energy supply across the state.

 

Why is New York Facing Soaring Energy Bills?

New York faces soaring energy bills because utilities are raising rates to cover the costs of grid upgrades, inflation, and policy-driven changes in energy supply.

✅ Utilities seek double-digit rate hikes across the state

✅ Aging infrastructure and storm repairs increase delivery costs

✅ Federal policies and gas dependence push energy prices higher

New Yorkers are bracing for another wave of energy bill increases as utilities seek record-high rate hikes and policy changes ripple through the state’s power system. Electric bills in New York are the highest they’ve been in over a decade, and more than a million households are now at least two months behind on payments, a sign of pandemic energy insecurity that continues to strain budgets, owing utilities nearly $2 billion.

Record numbers of households have had their electricity or gas shut off this year — more than 61,000 in May alone — despite pandemic shut-off suspensions that had offered temporary relief, the highest the Public Utility Law Project (PULP) has ever recorded. “This August was the group’s busiest month ever,” said Laurie Wheelock, PULP’s executive director, citing a surge in calls to its hotline. “The top concern on people’s minds: rate hikes.”

Utilities across the state are pushing for significant price increases, citing aging infrastructure, the need for climate adaptation, and higher operating costs, as California regulators face calls for action amid rising bills. “We used to see single-digit rate hikes and now we see double-digit rate hikes,” said Jessica Azulay, executive director of the Alliance for a Green Economy. “That’s a new normal that is unacceptable.”

Several utilities have requested delivery rate increases of 25 percent or more, with some proposals as high as 39 percent. Upstate utilities NYSEG and RG&E are seeking to raise electric and gas bills by about $33 a month, although regulators are unlikely to approve the full amount.

The companies argue the hikes are needed “to pay for rebuilding an aging grid and expanding its capacity to meet residents’ and businesses’ service demands,” including storm repairs. They also claim the plan would create more than 1,000 jobs.

James Denn, a spokesperson for the Public Service Commission (PSC), said much of the cost pressure stems from “inflation, higher interest rates, supply chain disruptions, the global push to upgrade electrical infrastructure, and, most recently, the rising risk and uncertainty from tariffs,” trends reflected in U.S. electricity price data over the past two years.

While some have blamed New York’s clean-energy transition, a PSC report found that state climate policies account for only 5 to 9.5 percent of the average household’s electric bill, or approximately $10 to $12 per month. The bulk of the increases still come from traditional spending on infrastructure, storm resilience, and system expansion.

On the supply side, costs are rising too. President Donald Trump’s recent policies have threatened renewable-energy investment nationwide, even as states’ renewable ambitions carry significant costs, potentially adding to New York’s woes. His July “megabill” phases out a 30 percent federal tax credit for solar and wind unless projects begin construction by mid-2026. Industry experts warn that the changes could make renewables “more expensive to build” and “increase reliance on gas.”

“It just means more expensive power,” said Marguerite Wells of the Alliance for Clean Energy New York.

The state estimates Trump’s policy shifts could cost New York $60 billion in lost renewable investment. With fewer clean-energy projects moving forward, gas — which already supplies roughly half of the state’s electricity — will remain the dominant source, tying energy prices to volatile global markets and the kinds of price drivers seen in California in recent years.

Governor Kathy Hochul has called affordability “our greatest short-term challenge,” while consumer advocates are demanding reforms to reduce utility profits and overhaul “rate design,” and to strengthen protections such as the emergency disconnection moratorium that applies during declared emergencies.

“There is definitely a groundswell of concern,” Wheelock said. “We go to meetings and we’re getting questions about rate design, like, ‘What is the revenue decoupling mechanism?’ Never had that question before.”

 

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How offshore wind energy is powering up the UK

UK Offshore Wind Expansion will make wind the main power source, driving renewable energy, offshore projects, smart grids, battery storage, and interconnectors to cut carbon emissions, boost exports, and attract global investment.

 

Key Points

A UK strategy to scale offshore wind, integrate smart grids and storage, cut emissions and drive investment and exports

✅ 30% energy target by 2030, backed by CfD support

✅ 250m industry investment and smart grid build-out

✅ Battery storage and interconnectors balance intermittency

 

Plans are afoot to make wind the UKs main power source for the first time in history amid ambitious targets to generate 30 percent of its total energy supply by 2030, up from 8 percent at present.

A recently inked deal will see the offshore wind industry invest 250 million into technology and infrastructure over the next 11 years, with the government committing up to 557 million in support, under a renewable energy auction that boosts wind and tidal projects, as part of its bid to lower carbon emissions to 80 percent of 1990 levels by 2050.

Offshore wind investment is crucial for meeting decarbonisation targets while increasing energy production, says Dominic Szanto, Director, Energy and Infrastructure at JLL. The governments approach over the last seven years has been to promise support to the industry, provided that cost reduction targets were met. This certainty has led to the development of larger, more efficient wind turbines which means the cost of offshore wind energy is a third of what it was in 2012.

 

Boosting the wind industry

Offshore wind power has been gathering pace in the UK and has grown despite COVID-19 disruptions in recent years. Earlier this year, the Hornsea One wind farm, the worlds largest offshore generator which is located off the Yorkshire coast, started producing electricity. When fully operational in 2020, the project will supply energy to over a million homes, and a further two phases are planned over the coming decade.

Over 10 gigawatts of offshore wind either already has government support or is eligible to apply for it in the near future, following a 10 GW contract award that underscores momentum, representing over 30 billion of likely investment opportunities.

Capital is coming from European utility firms and increasingly from Asian strategic investors looking to learn from the UKs experience. The attractive government support mechanism means banks are keen to lend into the sector, says Szanto.

New investment in the UKs offshore wind sector will also help to counter the growing influence of China. The UK is currently the worlds largest offshore wind market, but by 2021 it will be outstripped by China.

Through its new deal, the government hopes to increase wind power exports fivefold to 2.6 billion per year by 2030, with the UKs manufacturing and engineering skills driving projects in growth markets in Europe and Asia and in developing countries supported by the World Bank support through financing and advisory programs.

Over the next two decades, theres a massive opportunity for the UK to maintain its industry leading position by designing, constructing, operating and financing offshore wind projects, says Szanto. Building on projects such as the Hywind project in Scotland, it could become a major export to countries like the USA and Japan, where U.S. lessons from the U.K. are informing policy and coastal waters are much deeper.

 

Wind-powered smart grids

As wind power becomes a major contributor to the UKs energy supply, which will be increasingly made up of renewable sources in coming decades, there are key infrastructure challenges to overcome.

A real challenge is that the UKs power generation is becoming far more decentralised, with smaller power stations such as onshore wind farms and solar parks and more prosumers residential houses with rooftop solar coupled with a significant rise in intermittent generation, says Szanto. The grid was never designed to manage energy use like that.

One potential part of the solution is to use offshore wind farms in other sites in European waters.

By developing connections between wind projects from neighbouring countries, it will create super-grids that will help mitigate intermittency issues, says Szanto.

More advanced energy storage batteries will also be key for when less energy is generated on still days. There is a growing need for batteries that can store large amounts of energy and smart technology to discharge that energy. Were going through a revolution where new technology companies are working to enable a much smarter grid.

Future smart grids, based on developing technology such as blockchain, might enable the direct trading of energy between generators and consumers, with algorithms that can manage many localised sources and, critically, ensure a smooth power supply.

Investors seeking a higher-yield market are increasingly turning to battery technology, Szanto says. In a future smart grid, for example, batteries could store electricity bought cheaply at low-usage times then sold at peak usage prices or be used to provide backup energy services to other companies.

 

Majors investing in the transition

Its not just new energy technology companies driving change; established oil and gas companies are accelerating spending on renewable energy. Shell has committed to $1-2 billion per year on clean energy technologies out of a $25-30 billion budget, while Equinor plans to spend 15-20 percent of its budget on renewables by 2030.

The oil and gas majors have the global footprint to deliver offshore wind projects in every country, says Szanto. This could also create co-investment opportunities for other investors in the sector especially as nascent wind markets such as the U.S., where the U.S. offshore wind timeline is still developing, and Japan evolve.

European energy giants, for example, have bid to build New Yorks first offshore wind project.

As offshore wind becomes a globalised sector, with a trillion-dollar market outlook emerging, the major fuel companies will have increasingly large roles. They have the resources to undertake the years-long, cost-intensive developments of wind projects, driven by a need for new business models as the world looks beyond carbon-based fuels, says Szanto.

Oil and gas heavyweights are also making wind, solar and energy storage acquisitions BP acquired solar developer Lightsource and car-charging network Chargemaster, while Shell spent $400 million on solar and battery companies.

The public perception is that renewable energy is niche, but its now a mainstream form of energy generation., concludes Szanto.

Every nation in the world is aligned in wanting a decarbonised future. In terms of electricity, that means renewable energy and for offshore wind energy, the outlook is extremely positive.

 

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Renewable power developers discover more energy sources make better projects

Hybrid renewable energy projects integrate wind, solar, and battery storage to enhance grid reliability, reduce curtailment, and provide dispatchable power in markets like Alberta, leveraging photovoltaic tracking, overbuilt transformers, and improved storage economics.

 

Key Points

Hybrid renewable energy projects combine wind, solar, and storage to deliver reliable, dispatchable clean power.

✅ Combine wind, solar, and batteries for steady, dispatchable output

✅ Lower curtailment by using shared transformers and smart inverters

✅ Boost farm income via leases; diversify risk from oil and gas

 

Third-generation farmer James Praskach has been burned by the oil and gas sector and watched wicked weather pound his crops flat, but he is hoping a new kind of energy -- the renewable kind -- will pay dividends.

The 39-year-old is part of a landowner consortium that is hosting the sprawling 300-megawatt Blackspring Ridge wind power project in southeastern Alberta.

He receives regular lease payments from the $600-million project that came online in 2014, even though none of the 166 towering wind turbines that surround his land are actually on it.

His lease payments stand to rise, however, when and if the proposed 77-MW Vulcan Solar project, which won regulatory approval in 2016, is green-lighted by developer EDF Renewables Inc.

The panels would cover about 400 hectares of his family's land with nearly 300,000 photovoltaic solar panels in Alberta, installed on racks designed to follow the sun. It would stand in the way of traditional grain farming of the land, but that wouldn't have been a problem this year, Praskach says.

"This year we actually had a massive storm roll through. And we had 100 per cent hail damage on all of (the Vulcan Solar lands). We had canola, peas and barley on it this year," he said, adding the crop was covered by insurance.

Meanwhile, poor natural gas prices and a series of oilpatch financial failures mean rents aren't being paid for about half of the handful of gas wells on his land, showing how a province that is a powerhouse for both fossil and green energy can face volatility -- he's appealed to the Alberta surface Rights Board for compensation.

"(Solar power) would definitely add a level of security for our farming operations," said Praskach.

Hybrid power projects that combine energy sources are a growing trend as selling renewable energy gains traction across markets. Solar only works during the day and wind only when it is windy so combining the two -- potentially with battery storage or natural gas or biomass generation -- makes the power profile more reliable and predictable.

Globally, an oft-cited example is on El Hierro, the smallest of the Canary Islands, where wind power is used to pump water uphill to a reservoir in a volcanic crater so that it can be released to provide hydroelectric power when needed. At times, the project has provided 100 per cent of the tiny island's energy needs.

Improvements in technology such as improving solar and wind power and lower costs for storage mean it is being considered as a hybrid add-on for nearly all of its renewable power projects, said Dan Cunningham, manager of business development at Greengate Power Corp. of Calgary.

Grant Arnold, CEO of developer BluEarth Renewables, agreed.

"The barrier to date, I would say, has been cost of storage but that is changing rapidly," he said. "We feel that wind and storage or solar and storage will be a fundamental way we do business within five years. It's changing very, very rapidly and it's the product everybody wants."

Vulcan Solar was proposed after Blackspring Ridge came online, said David Warner, associate director of business development for EDF Renewables, which now co-owns the wind farm with Enbridge Inc.

"Blackspring actually had incremental capacity in the main power transformers," he said. "Essentially, it was capable of delivering more energy than Blackspring was producing. It was overbuilt."

Vulcan Solar has been sized to utilize the shortfall without producing so much energy that either will ever have to be constrained, he said. Much of the required environmental work has already been done for the wind farm.

Storage is being examined as a potential addition to the project but implementing it depends on the regulatory system. At present, Alberta's regulators are still working on how to permit and control what they call "dispatchable renewables and storage" systems.

EDF announced last spring it would proceed with the Arrow Canyon Solar Project in Nevada which is to combine 200 MW of solar with 75 MW of battery storage by 2022 -- the batteries are to soak up the sun's power in the morning and dispatch the electricity in the afternoon when Las Vegas casinos' air conditioning is most needed.

What is clear is that renewable energy will continue to grow, with Alberta renewable jobs expected to follow -- in a recent report, the International Energy Agency said global electricity capacity from renewables is set to rise by 50 per cent over the next five years, an increase equivalent to adding the current total power capacity of the United States.

The share of renewables is expected to rise from 26 per cent now to 30 per cent in 2024 but will remain well short of what is needed to meet long-term climate, air quality and energy access goals, it added.

 

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Manchin Calls For Stronger U.S. Canada Energy And Mineral Partnership

U.S.-Canada Energy and Minerals Partnership strengthens energy security, critical minerals supply chains, and climate objectives with clean oil and gas, EV batteries, methane reductions, cross-border grid reliability, and allied trade, countering Russia and China dependencies.

 

Key Points

A North American alliance to secure energy, refine critical minerals, cut emissions, and fortify supply chains.

✅ Integrates oil, gas, and electricity trade for reliability

✅ Builds EV battery and critical minerals processing capacity

✅ Reduces methane, diversifies away from Russia and China

 

Today, U.S. Senator Joe Manchin (D-WV), Chairman of the Senate Energy and Natural Resources Committee, delivered the following remarks during a full committee hearing to examine ways to strengthen the energy and mineral partnership between the U.S. and Canada to address energy security and climate objectives.

The hearing also featured testimony from the Honorable Jason Kenney (Premier, Alberta, Canada), the Honorable Nathalie Camden (Associate Deputy Minister of Mines, Ministry of Energy and Natural Resource, Québec, Canada), the Honorable Jonathan Wilkinson (Minister, Natural Resources Canada) and Mr. Francis Bradley (President and CEO, Electricity Canada). Click here to read their testimony.

Chairman Manchin’s remarks can be viewed as prepared here or read below:

Today we’re welcoming our friends from the North, from Canada, to continue this committee’s very important conversation about how we pursue two critical goals – ensuring energy security and addressing climate change.

These two goals aren’t mutually exclusive, and it’s imperative that we address both.

We all agree that Putin has used Russia’s oil and gas resources as a weapon to inflict terrible pain on the Ukrainian people and on Europe.

And other energy-rich autocracies are taking note. We’d be fools to think Xi Jinping won’t consider using a similar playbook, leveraging China’s control over global critical minerals supply chains.

But Putin’s aggression is bringing the free world closer together, setting the stage for a new alliance around energy, minerals, and climate.
Building this alliance should start here in North America. And that’s why I’m excited to hear today about how we can strengthen the energy and minerals partnership between the U.S. and Canada.

I recently had the privilege of being hosted in Alberta by Premier Kenney, where I spent two days getting a better understanding of our energy, minerals, and manufacturing partnership through meetings with representatives from Alberta, Saskatchewan, the Northwest Territories, the federal government, and tribal and industry partners.

Canadians and Americans share a deep history and are natural partners, sharing the longest land border on the planet.

Our people fought side-by-side in two world wars. In fact, some of the uranium used by the Manhattan Project and broader nuclear innovation was mined in Canada’s Northwest Territories and refined in Ontario.

We have cultivated a strong manufacturing partnership, particularly in the automotive industry, with Canada today being our biggest export market for vehicles. Cars assembled in Canada contain, on average, more than 50% of U.S. value and parts.

Today we also trade over 58 terawatt hours of electricity, including green power from Canada across the border, 2.4 billion barrels of petroleum products, and 3.6 trillion cubic feet of natural gas each year.

In fact, energy alone represents $120 billion of the annual trade between our countries. Across all sectors the U.S. and Canada trade more than $2 billion per day.
There is no better symbol of our energy relationship than our interconnected power grid and evolving clean grids that are seamless and integral for the reliable and affordable electricity citizens and industries in both our countries depend on.

And we’re here for each other during times of need. Electricity workers from both the U.S. and Canada regularly cross the border after extreme weather events to help get the power back on.

Canada has ramped up oil exports to the U.S. to offset Russian crude after members of our committee led legislation to cut off the energy purchases fueling Putin’s war machine.

Canada is also a leading supplier of uranium and critical minerals to the U.S., including those used in advanced batteries—such as cobalt, graphite, and nickel.
The U.S-Canada energy partnership is strong, but also not without its challenges, including tariff threats that affect projects on both sides. I’ve not been shy in expressing my frustration that the Biden administration cancelled the Keystone XL pipeline.

In light of Putin’s war in Ukraine and the global energy price surge, I think a lot of us wish that project had moved forward.

But to be clear, I’m not holding this hearing to re-litigate the past. We are here to advance a stronger and cleaner U.S.-Canada energy partnership for the future.
Our allies and trading partners in Europe are begging for North American oil and gas to offset their reliance on Russia.

There is no reason whatsoever we shouldn’t be able to fill that void, and do it cleaner than the alternatives.

That’s because American oil and gas is cleaner than what is produced in Russia – and certainly in Iran and Venezuela. We can do better, and learn from our Canadian neighbors.

On average, Canada produces oil with 37% lower methane emissions than the U.S., and the Canadian federal government has set even more aggressive methane reduction targets.

That’s what I mean by climate and security not being mutually exclusive – replacing Russian product has the added benefit of reducing the emissions profile of the energy Europe needs today.

According to the International Energy Agency, stationary and electric vehicle batteries will account for about half of the mineral demand growth from clean energy technologies over the next twenty years.

Unfortunately, China controls 80% of the world’s battery material processing, 60% of the world’s cathode production, 80% of the world’s anode production, and 75% of the world’s lithium ion battery cell production. They’ve cornered the market.

I also strongly believe we need to be taking national energy security into account as we invest in climate solutions.

It makes no sense whatsoever for us to so heavily invest in electric vehicles as a climate solution when that means increasing our reliance on China, because right now we’re not simultaneously increasing our mining, processing, and recycling capacity at the same rate in the United States.

The Canadians are ahead of us on critical minerals refining and processing, and we have much to learn from them about how they’re able to responsibly permit these activities in timelines that blow ours out of the water.

I’m sure our Canadian friends are happy to export minerals to us, but let me be clear, the United States also needs to contribute our part to a North American minerals alliance.

So I’m interested in discussing how we can create an integrated network for raw minerals to move across our borders for processing and manufacturing in both of our countries, and how B.C. critical minerals decisions may affect that.

I believe there is much we can collaborate on with Canada to create a powerful North American critical minerals supply chain instead of increasing China’s geopolitical leverage.

During this time when the U.S., Canada, and our allies and friends are threatened both by dictators weaponizing energy and by intense politicization over climate issues, we must work together to chart a responsible path forward that will ensure security and unlock prosperity for our nations.

We are the superpower of the world, and blessed with abundant energy and minerals resources. We cannot just sit back and let other countries fill the void and find ourselves in a more dire situation in the years ahead.

We must be leaning into the responsible production of all the energy sources we’re going to need, and strengthening strategic partnerships – building a North American Energy Alliance.

 

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No public details for Newfoundland electricity rate mitigation talks

Muskrat Falls rate mitigation progresses as Newfoundland and Labrador and Ottawa align under the updated Atlantic Accord, targeting affordable electricity rates through federal involvement, PUB input, and potential financing solutions with Nalcor, Emera, and lenders.

 

Key Points

An initiative by NL and Ottawa to keep electricity rates affordable via federal support, PUB input, and financing options.

✅ Federal-provincial talks under the updated Atlantic Accord

✅ PUB process integrated for independent oversight

✅ Possible roles for Nalcor, Emera, and project lenders

 

At the announcement of an updated Atlantic Accord between the provincial and federal governments, Newfoundland and Larbrador Premier Dwight Ball gave notice federal Finance Minister Bill Morneau will be in St. John’s to talk about the cost of Muskrat Falls and how Labrador power flows through Quebec to market.

“We look forward to welcoming Minister Morneau and his team to advance discussions on federal financing and rate mitigation,” read a statement from the premier’s office Tuesday, in response to questions about that coming meeting and federal-provincial work on rate mitigation.

At the announcement, Ball specifically said the plan is to “finalize federal involvement for making sure electricity rates remain affordable,” such as shielding ratepayers from overruns through federal-provincial measures, with Ball and MP Seamus O’Regan trumpeting the provincial-federal relationship.

The provincial and federal governments are not the only two parties involved in provincial power rates and handling of Muskrat Falls, even as electricity users have started paying for the project across Newfoundland and Labrador, but The Telegram is told details of meetings on rate mitigation are not being released, down to the list of attendees.

The premier’s office was asked specifically about the involvement of Nalcor Energy, including a recent financial update during the pandemic, Emera, Goldman, TD or any others involved in project financing. The response was that the plan is not to indicate what is being explored and who might be involved, until there is something more concrete to speak about.

The government’s plan is to have something to feed into the ongoing work of the Public Utilities Board, to develop a more complete response for rate mitigation, including lump-sum credits on electricity bills and other tools, for the PUB’s final report, due in 2020, even as regulators in Nova Scotia weigh a 14% rate hike in a separate proceeding.

 

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