MONCTON, N.B. - The parent company of Irving Oil is calling for a regional energy transmission system in Eastern Canada and up to $2 billion of associated new infrastructure.
Fort Reliance said today it has also formed a new joint venture company, Portage Energy Ltd., to help to achieve those goals.
Portage will work to attract private and public sector partners and investors to jointly develop $1 billion to $2 billion of transmission infrastructure for a shared system.
Fort Reliance says the aim is to maximize economic and environmental performance across provincial and potentially international boundaries.
The company's Kenneth Irving adds that the idea will only be successful if governments, communities and energy companies in the region "believe this is a worthwhile initiative."
Fort Reliance says the new system would lower energy costs, improve carbon emissions performance and facilitate economic development.