New energy legislation introduced in British Columbia is expected to save money and improve services for the province’s industry and customers, Energy and Mines Minister Richard Neufeld said Thursday.

“Our government is working to unleash the full potential of BC’s mineral and energy resources as part of our efforts to attract C$24 billion in energy and mineral investment over six years,” Neufeld said. He added that the legislation “reflects the commitment” to amend to province’s Coal Act, the Mineral Tenure Act, the Mines Act and the Petroleum and Natural Gas Act , which he said would streamline administration and stimulate investment.

“The changes also support the province’s new energy policy and our Heartlands Economic Strategy,” said Neufeld. Combined with C$609 million committed transportation improvements, including oil and gas roads, Neufeld said the regulatory changes would open up land access and new investment opportunities.”

Bill 10, the BC Energy and Mines Statutes Amendment Act, amends the Hydro and Power Authority Act, which defines and limits outsourcing activities to non-core services only. The change would ensure BC Hydro’s generation, transmission and distribution assets would remain publicly held, a cornerstone of the energy policy.

As part of the ministry’s effort to reduce even minor investment barriers, several other amendments to other province laws also will be introduced, including the following:

©Copyright 2003 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.