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Saint John July 18, 2005

Saint John July 18, 2005. Today. Information sharing, thoughts, ideas, comments, suggestions on the future of Point Lepreau. Greater Opportunity. Economic and Social PROSPERITY. Goal. Global Competitiveness. Export Orientation. Innovation Capacity. Productivity. Thrust.

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Saint John July 18, 2005

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  1. Saint John July 18, 2005

  2. Today Information sharing, thoughts, ideas, comments, suggestions on the future of Point Lepreau

  3. Greater Opportunity Economic and Social PROSPERITY Goal Global Competitiveness Export Orientation Innovation Capacity Productivity Thrust Economic Diversification and Clustering Community Economic Development Strategic Partnerships Implementation Strategies Creating a Competitive Fiscal and Business Environment Building Strategic Infrastructure Investing in People Embracing Innovation Building Blocks

  4. Greater Opportunity Building Blocks Creating a Competitive Fiscal and Business Environment Building Strategic Infrastructure Investing in People Embracing Innovation Public Infrastructure Energy Transportation Communications Cornerstones

  5. Staying on Track • Net debt reduced by $166.3 million • Net debt-to-GDP ratio reduced annually • Best credit rating among provinces east of Ontario • Record investments in health and education • Record number of New Brunswickers working • Lowest personal provincial income taxes east of Ontario • Lowest small business corporate tax rate in Canada

  6. Staying On Track • Single digit unemployment with Saint John helping to lead the way • 15,471 fewer New Brunswickers on social assistance • Minimum wage has been increased five times, a 15% increase • Manufacturing shipments have increased by 11.1 % • Exports of foreign commodities have increased by 10.8%

  7. Strong Fiscal Management *Surplus for Fiscal Policy Purposes ($ Millions) **Reduction in Net Debt ($ Millions)

  8. NB Power Debt • All NB Power debt is currently guaranteed by the Province of New Brunswick • Fiscal 2003-2004 • Net Debt Province of New Brunswick $6,816.1 million • Borrowing for NB Power $3,098.0 million

  9. NB Energy Policy Goals • Ensure a secure, reliable and cost effective energy supply for residential, commercial and industrial users • Promote economic efficiency in energy systems and services • Promote economic development opportunities • Protect and enhance the environment • Ensure an effective and transparent regulatory regime

  10. 25% 20% 15% Manufacturing – share of GDP 10% 5% 0% Dependency on Manufacturing

  11. 1000 800 600 MWh/$million GDP 400 200 0 Dependency of Economy on Energy

  12. Wholesale8% Street Lights 1% Residential 34% Industrial42% General15% Breakdown of Energy Use

  13. Point Lepreau Generating Station • First 635 MW CANDU 6 nuclear reactor • Commissioned in 1983 at a cost of $1.44B • Employs approx. 700 highly skilled workers • Supplies approximately 30% of in-province load • Is expected to operate until 2008

  14. Original Federal Support • April 1974 - $350 million for 50% of capital expenditure • May 1981 • 3-year interest rate holiday equaling $34 million • Additional loan if capacity fell below 75%

  15. Federal Constitutional Responsibility • Without altering the legislative authority of Parliament or of the provincial legislatures, or the rights of any of them with respect to the exercise of their legislative authority, Parliament and the legislatures, together with the government of Canada and the provincial governments, are committed to • (a) promoting equal opportunities for the well-being of Canadians; (b) furthering economic development to reduce disparity in opportunities; and (c) providing essential public services of reasonable quality to all Canadians. Section 36 of the Constitution

  16. “Let me be very clear: If that plant were in Ontario or Quebec, they would have figured a way out, and I'm not being parochial here. It seems to be a double standard here so I have great trouble accepting the rationale from the federal government about why they backed away.” Donald Savoie Canada Research Chair for Public Administration Université de Moncton Telegraph Journal July 16, 2005

  17. Benefits for AECL • Point Lepreau would be the first CANDU reactor to receive this kind of upgrade • Atomic Energy of Canada (AECL) would gain valuable experience in renewing CANDU units around the world • Lessons from the Lepreau project will refine the process for future renewals • AECL would be able to offer lower costs to global customers

  18. Our Decision to Make • Refurbish • Shut Down Decision by July 28, 2005

  19. Factors to Consider • Cost • Environment • Local Jobs • Economic Impact of Rates • Diversity and Security of Supply

  20. Alternatives to Nuclear • Coal • LNG • Wind • Hydro • Biomass • Buy Power

  21. Going Forward – Events and Timelines With Refurbishment

  22. Going Forward – Events and Timelines Without Refurbishment

  23. Your thoughts!

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