Mr. Speaker, one of the more exciting development opportunities highlighted this year was the Northwest Territories' vast hydroelectric generation potential. The Northwest Territories possesses large hydro resources. Parties such as the Northwest Territories Power Corporation have undertaken engineering and market research studies. However, recent events have put a much different economic light on the development of this potential.

With the effects of deregulation in some provinces and states, with increased environmental restrictions on the production of electrical energy by the burning of fossil fuels, and with large industrial developments increasing electrical demand, it appears that Northwest Territories hydro resources could be delivered to an energy hungry market on an economic basis.

Although much work needs to be done to confirm and realize this hydro development potential, the possible fiscal yield to Northwest Territories governments demands that we move aggressively to flesh out this opportunity. In our continuous struggle to meet the growing needs and demands of our population, the Northwest Territories' hydro resources may provide some desperately needed and environmentally responsible relief.

During the early part of 2001-2002 we will need to invest in the legal, financial and engineering work necessary to determine whether our hydro resources do indeed offer the economic benefits we need and whether they can be developed in a manner that results in substantial returns to the Northwest Territories.