New Brunswick has approved the recommendation to recombine NB Power’s five subsidiaries into one company.
In 2004 NB Power was broken down into five sub-companies in order to create competition. This decision was also in part to make it easier to sell pieces of the utility.
The intended plans did not come to light, and left the corporation $5 billion in debt.
NB Power President and CEO Gaëtan Thomas says the decision to recombine the sub-companies will save $8 million per year.
Stakeholders also believe the restructuring will make the utility stronger, more accountable and transparent.
The restructuring is due to be completed this fall.
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