139.1(1)In this section, “project” means the project in which the Corporation replaces the ancillary services, energy and capacity provided by the Mactaquac Generating Station, and includes any replacement, refurbishment, maintenance or decommissioning of the station, and any construction of new generation and transmission assets to replace the ancillary services, energy and capacity.

139.1(2)Section 107 does not apply to the project.

139.1(3)The Lieutenant-Governor in Council may approve the project subject to any terms and conditions that the Lieutenant-Governor in Council considers appropriate.

139.1(4)If the project is approved under subsection (3), the project shall be deemed to be prudent and the costs and expenses of the project shall be deemed to be prudent and necessary to carry out the project.

139.1(5)If the project is approved under subsection (3), the Board shall ensure that the costs and expenses of the project are recovered by the Corporation and reflected in the rates charged by the Corporation in respect of the services referred to in section 102, and the recovery of those costs and expenses is deemed to be just and reasonable for purposes of section 103.

139.1(6)Despite any other provision of this Act, the Corporation shall not incur, in relation to the project, capital expenditures in excess of an amount equal to 10% of the total projected capital costs of the project before the project has been approved under subsection (3).