Iqaluit (Nov 22/04) - The government is helping Qulliq Energy make ends meet and is considering paying off the corporation's $68 million debt.

With a potential power rate increase set for April 1, 2005, Iqaluit Centre MLA Hunter Tootoo pressed the territorial government for information on any plans for a financial bailout.

Finance Minister Leona Aglukkaq says the government will transfer funds so Qulliq and the Petroleum Products Division can meet their needs and is reviewing ways to help the power corporation.

"We know they are under tremendous strain as it stands now. We expect that we will need to deal with the shortfalls in the meantime," Aglukkaq told the Legislative Assembly Nov. 18. She did not say how much money may need to be transferred in the near future.

One option being considered by the government, Aglukkaq confirmed, is to pay off Qulliq's accumulated debt, pegged at $68 million at the end of the 2002-2003 fiscal year.

She said the government will review recommendations from the Utilities Rate Review Council on a proposed rate increase before it makes public any decision on help for Qulliq Energy.