Connect with us

Technology

New Investments to Help New Brunswickers Reduce Energy Costs and Stay Warm

Published

on

FREDERICTON, NB, Feb. 28, 2025 /CNW/ – New Brunswick homeowners need efficient heating and cooling systems to live comfortably and affordably. Choosing to heat a home with a heat pump instead of oil can help a household save thousands of dollars on heating bills every year while reducing greenhouse gas emissions. The Government of Canada has been helping Canadian homeowners take advantage of these benefits through the Oil to Heat Pump Affordability (OHPA) program, which significantly offsets the cost of switching to a heat pump.

Today, Jenica Atwin, Member of Parliament for Fredericton, on behalf of the federal Minister of Energy and Natural Resources, announced that NB Power will partner with the federal government to co-deliver the OHPA program in the province, making the shift to heat pumps even more affordable for New Brunswickers. Natural Resources Canada is investing $99.5 million in federal funding, and Environment and Climate Change Canada is also investing $23.8 million through the Low Carbon Economy Fund. MP Atwin was joined by René Legacy, New Brunswick Minister responsible for Energy and Lori Clark, President, CEO and Chief Nuclear Officer of NB Power.

Under the program, low- to median-income households in New Brunswick that heat their home with oil can apply through the NB Power website to receive coordinated grants from the Government of Canada and the Province of New Brunswick that fully cover the cost of the average oil to heat pump conversion.

With this announcement, New Brunswick becomes the fourth Atlantic province to sign on for OHPA co-delivery, working with the Government of Canada to deliver seamless program applications and additional heat pump funding to their residents. Eligible applicants in these jurisdictions are also provided with an upfront, one-time Canada Heat Pump Bonus cheque of $250 from the Government of Canada. With today’s announcement, all Atlantic Canadians will now have access to this funding.

To complement this energy affordability announcement for Atlantic Canadians, the Government of Canada also announced today an investment of over $5.5 million toward public charging infrastructure that provides owners and drivers of electric vehicles with an affordable, convenient and quick way to fuel their cars. This funding will help install up to 42 chargers across New Brunswick and Nova Scotia.

Canadian governments are working together to reduce energy usage and bills, help residents maintain safe and comfortable indoor temperatures and reduce pollution from energy — all while creating well-paying jobs to satisfy the demand that is being created for home energy installations and retrofits. New Brunswickers stand to benefit greatly from this new round of federal-provincial collaboration.

Quotes

“Making the switch to more energy-efficient homes and vehicles can help Canadians save money, reduce their energy use and decrease their carbon footprint. That’s why we are strengthening the Oil to Heat Pump Affordability program in New Brunswick and ensuring that families are supported in making the switch from heating oil to energy-efficient heat pumps. Along with further investments in EV charging in Nova Scotia and New Brunswick, today this federal government is continuing to deliver on its promise of personal affordability for Atlantic Canadians.” 

The Honourable Jonathan Wilkinson
Minister of Energy and Natural Resources

“Heat pumps are one of the cheapest solutions for home heating. Our government has been working to make heat pumps more accessible across the country through initiatives like the Low Carbon Economy Fund, helping keep up our historic progress: reducing emissions to their lowest level in 27 years while maintaining a growing economy. Thanks to this new agreement, low-income households in New Brunswick will now have access to affordable heating systems that keep them warm, reduce energy consumption in the winter and save them hundreds of dollars each year — all while continuing the fight against climate change!”

The Honourable Steven Guilbeault 
Minister of Environment and Climate Change

“We know New Brunswickers are struggling with high energy bills and we are committed to making life more affordable. A significant number of homes in our province, as well as throughout all the Atlantic provinces, still heat with oil. Switching to heat pumps can help New Brunswickers heat and cool their homes more efficiently, and more affordably, while reducing greenhouse gas emissions.”

The Honourable René Legacy
Minister of Finance and Treasury Board and Minister responsible for Energy

“This is about helping our customers. Our customers have told us they’re looking to us for supports to help them manage their energy use. Thanks to today’s announcement of increased investment and strengthened partnerships with both the federal and provincial governments, we’re going to be able to help more New Brunswickers reduce their energy use and heat their homes more efficiently, faster.” 

Lori Clark
President, CEO and Chief Nuclear Officer, NB Power

“Affordability is top of mind for Canadians right now, and making the switch from expensive oil heating to a heat pump can help save thousands of dollars on energy bills, while keeping homes at a comfortable indoor temperature. This funding will help New Brunswickers make the move to heat pumps so they can save their hard-earned dollars while protecting the environment.”

Jenica Atwin, Member of Parliament for Fredericton

Quick facts

The Oil to Heat Pump Affordability program was first introduced in November 2022 as a $250 million investment in a new stream of the Canada Greener Homes Initiative. Pre-registration opened in February 2023 and grants began to flow only a few months later.The federal government announced working with provinces and territories on co-delivery agreements in October 2023, which included:Increasing the amount that can be claimed by eligible homeowners through OHPA for installing a heat pump to $15,000, in addition to the $5,000 plus supplementary provincial and territorial contributions via co-delivery arrangements.Providing an upfront payment of $250 for eligible applicants through the Canada Heat Pump Bonus.The Low Carbon Economy Fund supports provincial and territorial initiatives aimed at reducing greenhouse gas emissions, including New Brunswick’s Enhanced Energy Savings program. Through this program, low-income households in New Brunswick can access incentives to switch from oil to heat pumps and reduce their winter energy consumption.Heat pumps are one of the best ways for homeowners to save money on energy bills and fight climate change. They are also two to three times more efficient than other electric home heating sources. This results in greater savings for homeowners and reduced energy intake for utilities and grids.On average, a household participating in the Oil to Heat Pump Affordability program saves $1,337 on its annual energy costs and reduces its greenhouse gas emissions by 2.78 tonnes.Since 2016, the Government of Canada has allocated over $1.2 billion to support the deployment of more charging stations across the country through the Zero Emissions Vehicles Program. There are over 32,000 public electric vehicle (EV) chargers at more than 12,000 locations in Canada.

Related Information

Save Energy NBBackgrounder – The Oil to Heat Pump Affordability ProgramOil to Heat Pump Affordability programLow Carbon Economy Fund – Canada.caCanada Greener Homes InitiativeCanada Greener Homes Affordability ProgramCanada Green Buildings StrategyElectric Heat PumpsZero Emission Vehicle Infrastructure ProgramSmart Renewables and Electrification Pathways Program Canada Greener Homes Initiative: Key Highlights

Follow us on LinkedIn

SOURCE Natural Resources Canada

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Bloomberg Introduces Spread-to-Benchmark Quoting for EUR and GBP Portfolio Trading Baskets

Published

on

By

LONDON, June 2, 2026 /PRNewswire/ — Bloomberg today announced the launch of Spread-to-Benchmark quoting and trading for Euro (EUR) and Sterling (GBP) denominated portfolio trades through its Portfolio Trading Basket Builder (PTBB). The new functionality expands the range of quoting protocols available for European credit portfolio trading and reflects growing client demand for spread-based execution workflows, alongside increased dealer support for the convention across EUR and GBP markets.

Spread-to-Benchmark quoting is a well-established protocol for USD credit portfolio trades and is used by market participants to evaluate and execute portfolio trades. By extending this workflow to EUR and GBP portfolio trades, Bloomberg enables clients and dealers to transact using a familiar spread-based methodology across additional credit markets. 

The introduction of Spread-to-Benchmark quoting for EUR and GBP baskets reflects increased client interest in evaluating portfolio trades through a spread-based lens and the growing adoption of spread-based execution workflows in European credit markets. The workflow provides market participants with an additional framework for assessing the relationship between credit spread risk and underlying government bond yields when pricing and executing portfolio trades. 

Additional Workflow Flexibility 
The workflow complements Bloomberg’s existing portfolio trading capabilities, which support the full range of market-standard quoting conventions, including Price, Yield, Spread-to-Benchmark and Spread based workflows that reference Bloomberg’s evaluated pricing service (BVAL). This gives clients flexibility to compare and execute portfolio trades using the quoting methodology that best aligns with their investment objectives, execution preferences and internal risk management processes. 

“European credit clients continue to look for execution workflows that reflect how they evaluate risk and monitor portfolio trading outcomes,” said Harry Street, Global Head of Credit and Equities Trading Product at Bloomberg. “By expanding dealer support for Spread-to-Benchmark quoting for EUR and GBP baskets, Bloomberg is broadening the range of workflow options available to clients trading European credit portfolios.” 

“Portfolio trading workflows in fixed income continue to become more sophisticated as institutional investors look for ways to evaluate execution quality in changing market conditions,” said Kevin McPartland, Head of Market Structure & Technology Research at Crisil Coalition Greenwich. “Spread-based quoting helps market participants more clearly distinguish between the impacts of credit spread and underlying rates movements when determining how best to execute a portfolio trade.” 

Bloomberg’s Electronic Markets solutions are used by leading financial institutions to trade efficiently in over 175 markets around the world. More than 9,000 client firms use Bloomberg Electronic Markets to access industry-leading depth and breadth of liquidity across asset classes from over 800 dealers globally. Bloomberg Electronic Markets provides market participants with comprehensive solutions across the trading lifecycle, including robust price transparency, analytics, automation and execution, powered by Bloomberg’s high-quality, multi-asset class data and tools.

About Bloomberg
Bloomberg is a global leader in business and financial information, delivering trusted data, news, and insights that bring transparency, efficiency, and fairness to markets. The company helps connect influential communities across the global financial ecosystem via reliable technology solutions that enable our customers to make more informed decisions and foster better collaboration. For more information, visit Bloomberg.com/company or request a demo.

View original content to download multimedia:https://www.prnewswire.com/news-releases/bloomberg-introduces-spread-to-benchmark-quoting-for-eur-and-gbp-portfolio-trading-baskets-302787922.html

SOURCE Bloomberg L.P.

Continue Reading

Technology

Dr. Sunho Kang, a senior battery-technology executive with leadership experience at major global battery and EV manufacturers, joins TeraWatt Technology as Head of Product and Technology

Published

on

By

SAN FRANCISCO, June 2, 2026 /PRNewswire/ — TeraWatt Technology Inc. (Headquartered in California, USA) is pleased to announce that Dr. Sunho Kang has joined the company as Head of Product and Technology.

Dr. Kang is a globally recognized battery-technology executive with more than 25 years of leadership experience spanning the United States, Asia, and Europe, and a distinguished track record of advancing innovations from laboratory research through gigafactory-scale production. He has held senior executive positions at world-leading organizations including Samsung SDI, Apple, and Volkswagen Group of America, and brings deep expertise in lithium-ion battery materials, cell engineering, and product industrialization across a broad range of applications, including electric vehicles and energy storage systems.

At TeraWatt, Dr. Kang will lead global product development and the commercialization of TeraWatt’s battery technology platform, aiming to accelerate the delivery of TeraWatt’s competitive products as well as the technology and commercialization roadmap including manufacturing scale-up.

Dr. Kang commented:

“I am thrilled to join TeraWatt Technology as Head of Product and Technology. TeraWatt’s innovative battery platform presents a tremendous opportunity to push the boundaries of lithium-ion technology, and I look forward to working with the team to accelerate product development and commercialization to deliver meaningful impact.”

TeraWatt Technology founder CEO Ken Ogata, Ph.D. commented:

“We are thrilled to welcome Dr. Kang as our Head of Product and Technology. His deep expertise in battery materials, cell engineering, and productization will be instrumental in accelerating TeraWatt’s product roadmap and technology leadership. Together with Dr. Kang, we will continue to drive our mission forward.”

About TeraWatt Technology Inc.
TeraWatt Technology Inc. is a California-based company that produces lightweight, high-power, and safe next-generation lithium-ion batteries.

Company Overview
Name: TeraWatt Technology Inc.
Representative: Co-founder and CEO Ken Ogata
Headquarters: 28 Geary St, Suite 650, San Francisco, CA 94108, United States
Founded: January 2020
Established: December 2019
URL: https://www.terawatt-technology.com/

 

View original content:https://www.prnewswire.com/news-releases/dr-sunho-kang-a-senior-battery-technology-executive-with-leadership-experience-at-major-global-battery-and-ev-manufacturers-joins-terawatt-technology-as-head-of-product-and-technology-302786854.html

SOURCE TeraWatt Technology Inc.

Continue Reading

Technology

Tencent Cloud and Soniox Announce Strategic Partnership: Combining Advanced Speech-to-Text (STT) Technology with Global Real-Time Infrastructure

Published

on

By

HONG KONG, June 2, 2026 /PRNewswire/ — Tencent Cloud, the cloud business of global technology company Tencent, today announced a strategic partnership with Soniox, a San Francisco-based speech AI company that specializes in developing high-accuracy, low-latency speech AI solutions. The collaboration integrates Soniox’s speech-to-text (STT) technology with Tencent Cloud’s Real-Time Communication (TRTC) enterprise-grade global infrastructure, enabling enterprises to build and deploy multilingual voice AI applications across 200+ countries and regions.

Elevating Enterprise Voice AI at a Global Scale

In enterprise voice AI deployments, latency directly affects user experience and application reliability. The integration of Soniox’s high-accuracy, low-latency STT with TRTC’s global transmission infrastructure reduces latency across the entire pipeline, creating a comprehensive end-to-end solution for enterprises deploying conversational AI applications worldwide.    

Soniox is the voice platform for every language. Unlike legacy speech AI, which was built primarily for English-speakers, Soniox delivers native-speaker accuracy across 60+ languages. Its technology can handle mid-sentence language switching — a user can switch between English and Chinese in a single utterance, and Soniox will capture every word with complete accuracy. All of this works through a single API that works for both speech-to-text and text-to-speech.

By integrating TRTC, the partnership leverages an enterprise-grade real-time communication backbone featuring more than 3,200 global nodes, sub-300 ms worldwide latency, and advanced capabilities such as AI noise suppression and weak-network resilience. These capabilities enable conversational AI applications to operate reliably across diverse network environments, including regions such as Southeast Asia and Africa.

With the roll out of this partnership, developers can integrate the Soniox STT API directly within the Tencent Cloud console. Whether targeting English-speaking markets or supporting languages such as Arabic, Hindi, and Malay, enterprises can build global voice applications — including intelligent customer service, voice assistants, real-time translation, and meeting transcription — to address the demands of expansion into emerging markets and multilingual scenarios.

Wison Xie, Head of Product at Tencent RTC, stated: “Tencent RTC has always been committed to providing reliable real-time communication infrastructure for global enterprises. Our partnership with Soniox brings together our strengths in enterprise-grade audio transmission and Soniox’s advanced speech recognition technology. Together, we are making it easier for businesses to deploy accurate, low-latency voice AI applications across any language and any market.”

Klemen Simonic, CEO at Soniox Inc., stated “At Soniox, our mission is to help businesses understand every word, in any language, with native speaker accuracy and exceptional speed. Partnering with Tencent Cloud combines our speech AI with world-class real-time infrastructure, enabling enterprises to build voice AI experiences that scale globally with low latency and reliability.”

About Tencent Cloud:

Tencent Cloud, one of the world’s leading cloud companies, is committed to creating innovative solutions to resolve real-world issues and enabling digital transformation for smart industries. Through our extensive global infrastructure, Tencent Cloud provides businesses across the globe with stable and secure industry-leading cloud products and services, leveraging technological advancements such as cloud computing, Big Data analytics, AI, IoT, and network security. It is our constant mission to meet the needs of industries across the board, including the fields of gaming, media and entertainment, finance, healthcare, property, retail, travel, and transportation.

About Tencent RTC:

Tencent RTC provides real-time communication solutions, including audio/video calling, live streaming, and in-game voice. With enterprise-grade security, AI-powered enhancements, and a global network of over 3,200 nodes, Tencent RTC powers mission-critical communication for customers worldwide.

About Soniox:

Soniox is a next-generation voice AI company bringing about the end of English-first speech AI. Most people on the planet did not grow up speaking English and often mix languages mid-sentence; and yet legacy speech AI was built for just English. Soniox is different: native-speaker accuracy across 60+ languages, true mid-sentence language switching, and flawless alphanumeric recognition that legacy providers still can’t match. For developers building global apps, Soniox is the only option. Try it for yourself at soniox.com.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/tencent-cloud-and-soniox-announce-strategic-partnership-combining-advanced-speech-to-text-stt-technology-with-global-real-time-infrastructure-302786832.html

SOURCE Tencent Cloud

Continue Reading

Trending