P.E.I. borrows $31M in energy accord refinancing


CSA Z463 Electrical Maintenance -

Our customized live online or in‑person group training can be delivered to your staff at your location.

  • Live Online
  • 6 hours Instructor-led
  • Group Training Available
Regular Price:
$249
Coupon Price:
$199
Reserve Your Seat Today
The Prince Edward Island Energy Corporation has been given cabinet approval to borrow more than $31 million as part of an agreement with Maritime Electric.

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.

Related News

German official says nuclear would do little to solve gas issue

Germany Nuclear Phase-Out drives policy amid gas supply risks, Nord Stream 1 shutdown fears, Russia…
View more

Crucial step towards completing nuclear plant achieved in Abu Dhabi

Barakah Unit 4 Cold Hydrostatic Testing validates reactor coolant system integrity at the Barakah Nuclear…
View more

Europe's Renewables Are Crowding Out Gas as Coal Phase-Out Slows

EU Renewable Energy Shift is cutting gas dependence as wind and solar expand, reshaping Europe's…
View more

Court quashes government cancellation of wind farm near Cornwall

Nation Rise Wind Farm Ruling overturns Ontario cancellation, as Superior Court finds the minister's decision…
View more

Canada's First Commercial Electric Flight

Canada's First Commercial Electric Flight accelerates sustainable aviation, showcasing electric aircraft, pilot training, battery propulsion,…
View more

Alberta creates fund to help communities hit by coal phase-out

Alberta Coal Community Transition Fund backs renewables, natural gas, and economic diversification, offering grants, workforce…
View more

Sign Up for Electricity Forum’s Newsletter

Stay informed with our FREE Newsletter — get the latest news, breakthrough technologies, and expert insights, delivered straight to your inbox.

Electricity Today T&D Magazine Subscribe for FREE

Stay informed with the latest T&D policies and technologies.
  • Timely insights from industry experts
  • Practical solutions T&D engineers
  • Free access to every issue

Live Online & In-person Group Training

Advantages To Instructor-Led Training – Instructor-Led Course, Customized Training, Multiple Locations, Economical, CEU Credits, Course Discounts.

Request For Quotation

Whether you would prefer Live Online or In-Person instruction, our electrical training courses can be tailored to meet your company's specific requirements and delivered to your employees in one location or at various locations.