The Canadian Nuclear Safety Commission (CNSC) has approved what is in effect a transferral of the operating licences for the Point Lepreau plant and solid radwaste management facility. The licences held by the newly restructured New Brunswick Power Corporation (NB Power) will be reissued to subsidiary New Brunswick Power Nuclear Corporation.
The Electricity Act, which received royal assent on 11 April, provides for the restructuring of NB Power into a holding corporation with four wholly-owned subsidiary companies, one of which is New Brunswick Power Nuclear Corporation.
NB Power applied to the CNSC for the issuance to New Brunswick Power Nuclear Corporation, when the Electricity Act comes into force, of licences of the same type, and with the same terms and conditions, as currently held by NB Power. The expiry dates for the licences remain as 31 July 2003 for the radwaste management facility, and 31 December 2005 for the Point Lepreau nuclear station.