Good morning,
Prime Minister Mark Carney’s new cabinet keeps Beauséjour MP Dominic LeBlanc in the key role of minister of U.S. trade amid an ongoing trade war. As Carney moves away from the Justin Trudeau era, several high-profile ministers were removed, including Moncton-Dieppe MP Ginette Petitpas Taylor. The post-election shuffle introduces new “secretary of state” roles, bringing Saint John-Kennebecasis MP Wayne Long into the government’s inner circle. Atlantic Canada fared well, gaining control of key sectors including immigration, justice, agriculture, fisheries, and the Atlantic Canada Opportunities Agency. Carney’s cabinet, unveiled Tuesday at Rideau Hall, consists of 28 ministers and 10 secretaries of state.
To ease pressure on electricity rates, the Holt Liberal government said Wednesday it will allow NB Power to pay off its $5 billion debt more slowly, dropping the 2029 target to reach an 80/20 debt-to-equity ratio. While intended to avoid double-digit rate hikes, the move doesn’t guarantee electricity prices won’t continue rising faster than inflation. It may also raise concerns among lenders, potentially increasing the province’s borrowing costs. Energy Minister René Legacy said the debt target was the main driver of steep rate increases. Electricity rates have already risen about 20 per cent in two years, costing some households over $600 more annually.
A key Holt Liberal government’s campaign promise to eliminate the carbon adjustor – an added gas tax created by the former Higgs government – remains delayed. Critics dubbed it the “Irving Oil” tax, as it let the Saint John refinery pass clean fuel regulation costs to motorists. This week, it added 8.8 cents per litre. Energy Minister René Legacy acknowledged “there is something to be fixed.” But Bill 4, meant to repeal the tax, is stalled at first reading. An all-party committee made no clear recommendation, and independent gas stations and distributors warned removing it could push them out of business.
