New Brunswick’s electric utility says tough decisions will be needed over the coming years as it undertakes a significant transformation.

Officials at NB Power unveiled a new strategic plan on Wednesday to guide the corporation through 2035.

The plan is built on six “strategic transformers” the utility said will lead it to success over the next decade.

They include transitioning to a cost-effective, clean and secure energy supply, modernizing the grid, electrifying and growing the load, and delivering competitive customer value.

“Our strategic plan will help us plot a course through the tough decisions and exciting opportunities ahead,” said the 24 page document.

It comes as the utility needs to phase out coal at Belledune by 2030 and achieve a net-zero energy supply by 2035.

The plan calls for “new ways of thinking and new ways of operating” to help transform the business “during a period of uncertainty and disruption.”

Lori Clark, president and CEO of NB Power, said technology and timing are lining up to make that happen.

“There’s lots of opportunity as we see the price for solar and wind coming down and the opportunity to embrace new technology like small modular reactors and smart meters,” Clark told reporters Wednesday afternoon.

The utility said global challenges such as inflation, political and social unrest, supply chain disruption and climate change are having a massive impact on its business.

It is also experiencing “disruptive change” including evolving customer expectations, an expanding competitive market, the pace of decarbonization, the development of new technology, an evolving economy and updated government regulations.

Clark said the utility will also face “hard decisions” to deal with its $4.9-billion debt while keeping rates as low as possible for customers.

“We’re looking at cost optimization internally to ensure that we’re operating as efficiently and effectively as we can,” she said.

“But even with cost optimization, we need to look at other things and ownership of assets is one of those things that I would say is a hard thing for us to do.”

The CEO also cited partnership opportunities, such as one they are exploring with Ontario Power Generation (OPG) related to the Point Lepreau Nuclear Generating Station.

OPG has plenty of experience in dealing with nuclear power. It operates 10 reactors at two generating stations in that province.

“If we can partner with OPG and they take a portion of our debt off our balance sheet but also get the plant up to very high levels of sustained performance and assume some of the risks of that plant, then that’s a good day for New Brunswickers,” said Clark.

Clark said selling NB Power’s head office building in Fredericton might be another consideration to improve the health of the utility’s finances.

You can view the strategic plan on the utility’s website.