St. John’s, Newfoundland and Labrador, Nov. 16, 2005 — Newfoundland Power Inc. has received approval of its 2006 capital budget from the Newfoundland and Labrador board of commissioners of public utilities. The company plans to invest approximately $49 million in 2006 to further upgrade and enhance its electricity system.
“Approval of our $49 million Capital Budget for 2006 allows us to continue to invest in the electricity system,” said Karl Smith, president and CEO, Newfoundland Power Inc. “Our capital projects will focus on the replacement of aging equipment to strengthen the electricity system and responding to new service requirements to meet customer growth.”
More than half of the company’s capital expenditures in 2006 will be devoted to replacing aged and deteriorated components of the electricity system to improve safety and reliability. Capital projects will include significant upgrades to transmission and distribution lines located in the areas of Bay St. George, Notre Dame Bay and the Bonavista Peninsula. Investment will also be made to replace aging components at the Petty Harbour Hydroelectric Plant.