Fredericton — NB Power’s latest financial windfall was a huge win for the utility, but it might not be exactly what people are expecting according to NB Power CEO Gaëtan Thomas.
In an ironic twist, it was revealed today that NB Power’s financial settlement with insurers for delays and missteps with the Point Lepreau Nuclear Generating Station refurbishment will be paid almost entirely in orimulsion.
This bizarre financial compensation agreement will result in over $300 million of the bitumen-based fuel being delivered to NB Power starting next week.
While this legal victory is lucrative beyond Thomas’s wildest expectations, he admitted on Monday that NB Power’s new plan to capitalize on this settlement might be perceived negatively by many New Brunswickers.
“We know this will save ratepayers money — I mean it’s worth a fortune,” outlined Thomas. “But, we don’t really have a way to burn it anymore to generate power.
“So, first — and I know how this sounds — but, first we will need to ‘re-refurbish’ Coleson Cove to burn orimulsion again. We’ve already done it once before so we think this time is going to be so much smoother — promise! Signed contracts and everything!”
Thomas also revealed that five per cent of the settlement will be paid in coal. “Not that ‘clean coal’ that you hear about on TV unfortunately,” he said. “This is super-dirty discount coal…the coal that’s left over once all of the good, clean coal is gone. But, hey — it’s free so that’s something.
“Get ready Dalhousie…coal-powered electricity is coming back! We are going to ‘Make Dalhousie great again!’ by bringing some 19th-century know-how back to the north shore!
“I know, I know… You’re welcome!” he concluded.