The territorial government is replacing the Northwest Territories Power Corporation’s current board of directors with a new board made up of six GNWT deputy ministers.
Louis Sebert, minister responsible for the power corporation, says the move will eliminate approximately $1-million in annual costs that are passed on to customers as part of their electricity rates.
The appointments of the current board of directors will be revoked as of May 24. The Northwest Territories Power Corporation Act requires a board of between six and ten directors to be appointed.
“This decision is part of our government’s broader work to address the cost of living,” said Sebert in a statement.
“The GNWT continues to provide a significant level of direct financial support to NTPC and the auditor general has recently changed its accounting classification to recognize its more direct relationship to the government.”
Sebert says the government will “examine options for the future governance of NTPC as part of its ongoing work to address the high cost of living in the NWT.”
The approximate savings referenced have already been factored into the general rate application filed by NTPC late last month.