They're embracing the energy future in Placentia Bay, and it's giving this conference a real spark

An annual conference that showcases the economic might of a heavily industrialized area of eastern Newfoundland is especially energized this year as hundreds gather to talk oil, renewables, minerals and more.

The Placentia Bay Industrial Showcase has been attracting politicians, industry and community leaders to the town of Placentia for nearly three decades.

But organizers say this year's two-day forum, which kicked off Wednesday and consists of networking, speeches and a trade show featuring some of the biggest names in industry, is setting a new standard for an event they're calling PBIS 2024.

This year's theme is "Embrace. Empower. Energize."

"This is probably the best it's been in a long time," said Pam Constantine, who chairs the showcase organizing committee for the Placentia Chamber of Commerce.

A spike in interest

Roughly 300 people have registered, surpassing last year's impressive turnout, and Constantine said all the hype surrounding major project development in the region — including refining renewable fuels in Argentia and a burgeoning aquaculture sector in places like Marystown — is driving the spike in interest.

"You know that you're in good when people are contacting you to present at your conference and you're not trying to chase people down," she said.

Chamber of commerce president Wayne Power said the optimism in the area's economy is being reflected in the mood at the conference.

"[The] Argentia and Placentia area is being talked about worldwide. So we have a lot of people with interests that are coming here to see first-hand what exists," he said.

A history of boom-bust cycles

Placentia Bay has always been an industrial hub, and it has a long history of boom-bust cycles. But the current trajectory is fuelling a level of optimism and confidence that hasn't been seen in many years.

Of all the positive indicators being talked about in relation to Newfoundland and Labrador's economy, almost all of them have a connection to the Placentia Bay region.

The burgeoning wind-hydrogen industry is poised to secure a strong foothold at the Port of Argentia, Come By Chance and on the Burin Peninsula, with ambitious projects requiring billions in capital expenditures in the works. European companies, involved with massive offshore wind energy projects in the United States, are signing big contracts to store critical turbine components at the port.

Further, more than 1,300 people were employed on the West White Rose oil project earlier this summer, which involves the construction of a 145-metre high concrete gravity structure at Argentia. The CGS, as it's known, is scheduled to be floated into Placentia Bay next spring.

And in March, construction on a $100-million port expansion at Argentia will help unlock the full economic potential of the former American military base.

"The Port of Argentia is doing so much to spur growth and development in the Placentia Bay region," Premier Andrew Furey, one of several high-profile speakers at the event, told delegates Wednesday.

Not far from Placentia, Vale's Long Harbour processing plant is churning out critical minerals such as nickel, copper and cobalt, with more than 800 people on the payroll.

"The world is hungry for it, and instead of having to turn to China or Russia, they can come to us," said Furey.

The province's unemployment rate has hovered around record lows in recent months, settling at 8.5 per cent in July, and Placentia Bay projects are contributing to this rosy job outlook.

Capital investment for 2024, meanwhile, is estimated at $9.6 billion.

"The good news in our economy is helping us all — together — build a stronger Newfoundland and Labrador," said Furey.

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