Message From The Chair

• MESSAGE FROM THE PRESIDENT AND CEO
• MESSAGE FROM THE chair of the board

• YEAR IN REVIEW
• 2022 HIGHLIGHTS
• ANNUAL FINANCIAL REPORT 2022 (PDF)

In 2022, I was appointed as Chair of the Board of Directors for Newfoundland and Labrador Hydro. As a professional engineer, I appreciate the complexity of the energy industry, as well as the opportunities on the horizon, and as such welcomed this opportunity to work with the Board and the many skilled people working at Hydro.

One of the most committed individuals on the Board is outgoing Chair John Green. John served as Chair of the Board of Newfoundland and Labrador Hydro since 2016, and Chair of the former Nalcor Energy Board of Directors since 2020. John presided over the Board during a period of significant change as the company changed leadership in 2016 and again in 2021, when the organization was the subject of a public inquiry in to the Muskrat Falls Project, and saw the operations of Nalcor Energy move under the operations of Hydro in 2021. In his role as Chair of both Boards, John has presided over dozens of meetings, attended many more sub-committees, special committees meetings. He has given countless hours to the Board in prepping for meetings, reading thousands of pages of Board documents, and has kindly agreed to continue on as a Board member. On behalf of the Board, I thank John for his unwavering commitment to Hydro.

As I transitioned into the role of Chair, I was immediately struck by and impressed with the knowledge, expertise, and commitment from the people in the company. During various Board meetings I have received presentations and briefings from employees on technical, commercial, regulatory, financial, and legal issues. I can assure you that each and every one of them are technically savvy, smart, thorough, and bring a level of passion to their work. And I take great comfort in that as there are many challenging times ahead for Hydro, and the province.

As a country, Canada has set the goal of net-zero by 2050, and for the electricity sector net-zero by 2035. According to the Canadian Climate Institute, Canada’s electricity generation capacity needs to grow by 2.2 to 3.4 times larger than today to meet that goal. Our country will need significant infrastructure, not to mention Provincial and Federal collaboration, to meet these goals.

Newfoundland and Labrador has significant existing hydro-electric facilities, and has the potential to carry out upgrades and develop additional new energy projects. With the demand for renewable energy, our province is uniquely positioned to support this growth. Our hydro-electric infrastructure not only provides renewable energy, but also provides firm capacity, which is required to support other forms of industrial developments.

We are in an enviable position in the energy market, and we must ensure that this resource is developed and handled in the best interest of the people of our province.

I am confident that with the considerable expertise and enthusiasm of the Hydro employees, supported by the Board members and Government, future generations will be able to look back with pride on decisions that will be taken as we deal with the opportunities and complexities of the rapidly changing energy world.