Serving Our Province
Goal 2: Deliver Reliable Electricity to our Customers at the Lowest Possible Cost
We will use good utility practice to plan, operate and maintain the provincial electrical power systems and deliver reliable service that is consistent with our environmental and legislative obligations to our customers at the lowest possible cost.
We supply the electricity that powers our province’s homes, businesses and communities and beyond. This is our core purpose and will always be at the heart of everything we do. As our energy landscape changes, we will continue to serve our customers and adapt to future system needs.
The Muskrat Falls Project assets add immense value to our provincial electrical system, providing customers within the province and neighbouring jurisdictions with renewable energy for decades to come. While these assets are currently in use, final commissioning and integration is required for us to fully optimize these assets. Over time, we will develop and document our operating experience to ensure we are prepared to responsibly manage them as part of the whole fleet well into the future.
In addition to incorporating new assets, we will focus on improving how we manage our existing assets. Our assets require proactive monitoring and maintenance to ensure they are capable of efficient and effective operations. Through long-term asset management practices, we will optimize the life of our assets based on condition where appropriate, keeping them in service as long as they remain safe and reliable. In line with these practices, our focus on capital investment seeks to balance risk, cost and reliability with our customers in mind and on increasing maintenance efficiency and equipment reliability.
As part of maintaining reliable service and protecting our assets, we must also consider and mitigate cybersecurity threats by identifying and addressing potential vulnerabilities in our system and resolving cybersecurity-related concerns.
Objectives
Commission and integrate the remaining Muskrat Falls Project assets into the provincial electrical system. As they are operated, we will assess how these assets behave in certain conditions and how they contribute to our ability to serve customers with renewable electricity.
Improve our asset management planning practices to ensure our decision-making processes integrate a balance of risk, performance and cost. We will review and standardize our asset management processes across our company, as required, ensuring they promote effective asset life-cycle activities and associated decision-making. We will advance the centralization of our planning and scheduling function to improve productivity and efficiency in this area.
Make measured and responsible capital investments. We will implement a common, corporate-wide approach to capital investment, including the development of standard methodologies to determine best value and justify and document our decision-making.
Continuously strengthen our cybersecurity capabilities to ensure resilience in our technology systems. We will monitor, identify and resolve system vulnerabilities and strengthen our cybersecurity risk management practices. We will educate and train employees, maintain in-house expertise, and utilize our local and national partnerships within the cybersecurity industry to ensure we are always staying up to date.