Thank you, Mr. Speaker. Today, I wish to speak on the issue of power generation and the new Northwest Territories Power Corporation. The corporation was created in 1988, Mr. Speaker, to bring ownership and control of the utility from Ottawa and Edmonton into the hands of its northern customers.
Its job was to rebuild the old utility into a modern power system that is safe, reliable and self-sufficient. It has done so. In doing so, Mr. Speaker, it has paid off a $54 million debt for the purchase of the corporation and has returned a dividend in the form of valuable power subsidies worth over $40 million to the people of Nunavut and the Northwest Territories.
The business partnerships it has established with three First Nations, including the Dogrib, Inuvialuit and the Gwich'in, are also very significant.
The Power Corporation has achieved its original objectives. It is time for a new mandate and a new vision.
With the separation from Nunavut, there are new political and economic opportunities for energy management and development in the new NWT. The majority of our power is now created by cleaner, cheaper renewable hydro and natural gas over diesel. In addition, my colleagues, the Members for North Slave, Thebacha and Tu Nedhe, have repeatedly pointed out the tremendous hydro opportunities for community, industry and export.
There are many options as to how we can manage our energy future. The GNWT review of electrical service is generating thought and discussion on a wide range of recommendations. Some of my constituents have said that we should first address our own needs for alternate hydro and gas generation. I heartily agree. This objective is doable and may be enhanced by expanding these new generation options in tandem with sales to other customers outside of the NWT.
Mr. Speaker, on November 9th, I spoke about initiatives to reorganize the Power Corporation in light of the separation from Nunavut. At that time, I indicated that the UNW was involved in planning the reorganization. I have since learned that was incorrect.
For the record, Mr. Speaker, I want to state that while the union was kept informed of the reorganization, it was not a participant. The reorganization was the prerogative of management to prepare the corporation for its new role while the Nunavut Power Corporation comes into being. Mr. Speaker, I seek unanimous consent to conclude my statement.