Canada makes milestone clean energy investment in New Brunswick to drive economic and energy security and enhance climate competitiveness. Oct 13, 2026, 08:00 ET MACTAQUAC, NB, Oct. 13, 2026 /CNW/ - The world is changing rapidly. Global trade is upended, wars are ongoing in Europe and the Middle East, artificial intelligence is scaling at speed, and climate change is intensifying. In response, Canada is focused on what we can control: building a prosperous, secure and sustainable Canadian economy. Central to this mission is supplying and controlling our own energy. A reliable, affordable and clean electricity system keeps families' bills affordable, makes Canadian businesses more competitive and will build a more secure and sustainable Canada for the long term. That is why, today, the Honourable Tim Hodgson, Minister of Energy and Natural Resources, announced an investment of almost $270 million for clean and reliable energy in New Brunswick. This includes: * A $219-million site development loan from the Canada Infrastructure Bank (CIB) to NB Power for the Mactaquac Life Achievement Project to support technical studies, regulatory reviews, First Nations engagement and planning activities. * Mactaquac Generation Station is New Brunswick's largest renewable energy asset and NB Power's largest hydroelectric facility. The 672-megawatt (MW) run-of-river station supplies 30 percent of the province's renewable energy requirements and 20 percent of its peak electricity demand. * Mactaquac has faced premature concrete deterioration that has affected critical equipment, including turbines and spillway gates. NB Power's Mactaquac Life Achievement Project is a phased rehabilitation program that will enable the generating station to reach its 100-year lifespan. * $50 million from Natural Resources Canada to NB Power for the Static Synchronous Compensator (STATCOM) project at the Salisbury Terminal to strengthen southern New Brunswick's electricity system. * The Salisbury Terminal is a high-voltage transmission substation that is key to managing the flow of electricity across New Brunswick's grid. It will improve grid stability and reliability in southern New Brunswick while supporting the integration of additional renewable energy resources as electricity demand continues to grow. As outlined in Powering Canada Strong: A National Strategy for an Electrified Canadian Economy, the federal government is working with provinces and territories, Indigenous communities, utilities and industry to ensure Canadians get access to the power they need while laying the foundation for long-term economic growth across the country. A more connected, resilient and clean electricity grid will create good jobs, reduce emissions, support affordability and attract investment, to the benefit of all Canadians. "Building a stronger, more sustainable Canada starts with how we power our communities, homes and businesses. By investing in clean electricity and modernizing key assets like the Mactaquac Generation Station and the Salisbury Terminal, we are strengthening New Brunswick's energy system, creating the conditions for investment in the province and positioning Canada for long-term competitiveness while creating new jobs and reducing emissions." The Honourable Tim Hodgson Minister of Energy and Natural Resources "Our $219-million site development loan enables project planning, First Nations engagement and development work needed to help NB Power and the province determine next steps for the Mactaquac site. The CIB is helping finance the clean energy infrastructure needed to strengthen energy security, support economic growth and ensure reliable power for Canadians." Ehren Cory CEO, Canada Infrastructure Bank "These investments are an important vote of confidence in New Brunswick's energy future. Mactaquac and Salisbury each play a distinct role in keeping our system reliable. With support from Natural Resources Canada and the Canada Infrastructure Bank, we can move these critical projects forward while managing costs responsibly and preparing the grid to meet changing customer needs." Lori Clark President and CEO, New Brunswick Power Quick Facts * Today, approximately 80 percent of all electricity generation in Canada is non-emitting. * Canada has the lowest residential electricity costs in the G7, the second-lowest industrial electricity costs in the G7 and the OECD, and the second-highest share of clean energy generation in the G7. * Approximately $3 trillion is spent globally every year on electricity grids, efficiency and electrification - with clean energy deployment accounting for the majority of new additions to electricity generation. By 2030, renewables are set to contribute the highest share of global electricity generation, according to the International Energy Agency. * Canada is aggressively pursuing electrification, as it has the potential to reduce current electricity sector emissions by as much as five times and even more as technology improves and costs come down. * This initiative reflects the fact that emissions from end-uses like transport remain far higher than those from electricity generation and represent the largest opportunity for cost-effective reductions. * In May, the Government of Canada launched Powering Canada Strong: A National Strategy for an Electrified Canadian Economy. This plan will double the capacity of our grid by 2050 and supply clean, reliable, affordable power for Canadians for decades to come - delivering up to $15 billion in total energy savings by 2050 and lowering total energy costs for 7 in 10 Canadian households. * To develop this strategy, the government launched consultations with provinces, territories, Indigenous Peoples, utilities and unions to work together to identify the actions needed to double our grid most effectively and affordably. The final strategy will be launched by the end of 2026. * Natural Resources Canada's Smart Renewables and Electrification Pathways Program (SREPs) is a $4.5-billion program that enables a more modern, reliable electricity grid system and reduces emissions by supporting the deployment of grid modernization, energy storage and renewables across Canada. Related Products Associated Links Follow Natural Resources Canada on LinkedIn. SOURCE Natural Resources Canada Contacts: Natural Resources Canada, Media Relations, 343-292-6096, [email protected]; Charlotte Power, Office of the Minister of Energy and Natural Resources, [email protected]

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CIB names new exec VP, commercial infrastructure. Social infrastructure The Canada Infrastructure Bank has appointed Gavin Ingram as the executive VP, commercial infrastructure. Ingram brings more than two decades of experience leading infrastructure programs investing in Canada and internationally, with a track record of combining commercial discipline with... Exclusive subscriber content... Not yet a subscriber? Join us today to continue accessing content without any restrictions Or to request access to Proximo Intelligence contact us