P.E.I. borrows $31M in energy accord refinancing
The money is being used to refinance debt associated with the refurbishment of the Point Lepreau Nuclear Generating Station and the decommissioning of the Dalhousie Thermal Generating Station.
Energy Minister Paula Biggar said it is part of the previous P.E.I. Energy Accord.
The accord was set up in 2010. Under that agreement Maritime Electric lowered electricity rates for Islanders, and in exchange the government signed a loan on behalf of the utility, taking advantage of its borrowing power to get a lower interest rate than the utility could. That accord expired earlier this year, and a new three-year agreement on electrical rates has been set up.
Biggar said the refinancing of the outstanding loan balance of $31.34 million includes the conversion of short-term loans to long-term loans, and a lower rate of interest for the balance.
She said the savings should help to reduce and stabilize electricity rates in the coming years.
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The CIB and private sector partners to invest $1.7 billion in Lake Erie Connector
TORONTO - The Canada Infrastructure Bank (CIB) and ITC Investment Holdings (ITC) have signed an agreement in principle to invest $1.7 billion in the Lake Erie Connector project.
Under the terms of the agreement, the CIB will invest up to $655 million or up to 40% of the project cost. ITC, a subsidiary of Fortis Inc., and private sector lenders will invest up to $1.05 billion, the balance of the project's capital cost.
The CIB and ITC Investment Holdings signed an agreement in principle to invest $1.7B in the Lake Erie Connector project.
The Lake Erie Connector is a proposed 117 kilometre underwater…
