Thank you, Mr. Speaker. Mr. Speaker, as many Members know, approximately $300 million is spent in the Northwest Territories each year to supply heating fuels, electricity and water. This expenditure creates a tremendous burden on the economy of the Northwest Territories, especially where much of this cost is spent on importing fossil fuels from the south.

Today, I am pleased to announce an initiative which is expected to lead to the reduction of these costs for both this government and the people of the Northwest Territories. Earlier today, the Minister of Municipal and Community Affairs, the Minister responsible for the NWT Housing Corporation, the Minister responsible for the Public Utilities Board, the Minister responsible for the NWT Power Corporation, and the past president of the NWT Association of Municipalities, and myself as Minister of Resources, Wildlife and Economic Development, all signed a Memorandum of Understanding which will see the creation of the Arctic Energy Alliance.

The Arctic Energy Alliance is a new, joint initiative between the north's major utility customers, suppliers and regulatory services. Its purpose will be to reduce consumption and costs of energy related utilities by promoting greater co-operation and commitment to better energy management in the Northwest Territories. The alliance is a registered society, governed by a board of directors, core funded by the partner organizations and staffed with energy and communication specialists. The alliance is expected to be operational within six months. Thank you, Mr. Speaker.