The Tory leader said an energy commission would be struck to chart a path for NB Power, whose generation assets were almost sold to Hydro-Québec this year under a proposed deal with New Brunswick's Liberal government.
"While a Shawn Graham government tried to convince New Brunswickers that selling NB Power was the only way to achieve rate relief, a knowledgeable and credible group of New Brunswickers have done a thorough analysis of NB Power's finances and are confident with NB Power's ability to commit to freezing power rates until March 31, 2013," Alward said in a news release.
Alward also told CBC News he will soon release a plan to bring the province back to balanced budgets in four years.
Alward said he felt he could eliminate the provincial deficit without raising taxes or cutting services. He said he'd eliminate some government consultants hired by the Liberal government.
The Conservative news release offered no details on how much the three-year power rate freeze would cost provincial coffers.
Kurt Peacock, an intervener in past NB Power regulatory hearings, said a pledge to freeze rates across the board does little to serve ratepayers' best interests. It merely sweeps NB Power's problems under the rug in exchange for electoral gain, he said.
"The Conservatives' pledge to set rate policy by government fiat ensures that if they are elected, they're prepared to make the same mistakes as their predecessors," Peacock said in an email.
"I'm sure that everyone who has participated in the recent regulatory oversight of NB Power would rather see a complete and thorough rate hearing be held instead of more political interference. Over the last decade, the regulator has been much more willing and able to protect the ratepayer from NB Power's cost over-runs than either party in the NB legislature."
Energy Minister Jack Keir also criticized Alward's promise to freeze rates.
"David Alward is spinning so hard his message has veered out of control," Keir said in a statement.
"Setting aside how much some of these statements contradict his past positions, his points today even contradict each other."
Keir said the Tory leader contradicted himself when he said he doesn't want any energy policy decisions made until a policy is released in 2011, but at the same time he announced the rate freeze.
The energy minister also said Alward's promise could jeopardize NB Power's financial situation, particularly with respect to the deferral costs related to the Point Lepreau refurbishment project.
"Even if the federal government were to compensate us for their delays, we would still need to pay for the replacement power cost," Keir said.
NB Power has said it will need to raise power rates to help pay for the $1.4-billion refurbishment of the Point Lepreau nuclear power plant.
The Liberal government had proposed a five-year rate freeze in its attempt to sell NB Power to Hydro-Québec. The deal died in March and NB Power decided to raise power rates by three per cent.