Thank you, Mr. Speaker. The Northwest Territories Power Corporation has requested an amendment to the section of the Northwest Territories Power Corporation Act that governs and restricts the investing activities of the corporation. The amendment acknowledges the unique requirements of the corporation and recognizes that the best interest of its customers and its shareholder, the GNWT, will be served by allowing the corporation to expand their investment activities beyond the constraints currently placed on public agencies.
The corporation is required under the terms and conditions of its long-term debt agreements to set aside funds on an annual basis to provide for the repayment of the debt at a later date.
The advantage of this approach is that these funds can be invested and grow on their own accord. The more these funds can grow through prudent and efficient investment, the less the corporation will be required to contribute to the funds.
Reducing contributions will help reduce their need for rate increases. The board of directors of the corporation is charged under the Northwest Territories Power Corporation Act with directing the business of the corporation, and the amendment meets with their approval.
In addition, the board of directors of the corporation has approved an investment policy that will maximize investment return for a level of risk that is deemed appropriate. This investment policy is conservative and mirrors the investment policy that governs the investment activities of the Workers' Compensation Board of the Northwest Territories.
Bill 9 will allow the corporation and their licensed professional investment advisors to progress beyond a restrictive list of authorized investments and utilize modern theory and practices to the construction of a pool of investments in the best interest of the corporation's customers and shareholder, the GNWT.
Failure to pass Bill 9 will prevent the corporation from utilizing its financial resources in an optimal manner to the benefit of its customers. Thank you, Mr. Chairman.