Premier Shawn Graham says he's following up on an election promise to consider a second reactor at the Point Lepreau nuclear generating station on the Bay of Fundy. 

Graham made the announcement Wednesday at a meeting of the Canadian Nuclear Society in Saint John. A proposal for the study will be presented to his provincial cabinet within a few weeks, he said.

"There are a number of unanswered questions, but we want to start answering those questions," Graham said.

Saint John Mayor Norm MacFarlane said he thinks the completion of the reactor is a sure thing.

"Getting closer to that second reactor at Point Lepreau is great, and I know [Graham] supported it from Day 1," he said Wednesday.

Support for the second reactor was a promise Graham made during the last election. Rising fossil fuel prices for the province's other power generating facilities have been blamed for rising electricity prices. Last week, NB Power was granted an interim rate increase of 9.6 per cent.

"And that's why it's important we launch the feasibility [study], now, so sooner rather than later, and we'll be in the position in the next couple of weeks to have those final details," Graham said.

Those details include the cost and construction time for the project, which could include private investment, said the premier.

"The private sector could absorb the risk and the cost of building a new merchant plant and then NB Power could take over the operation of that plant when it's in place," Graham said.

Graham said there's also the possibility of cost sharing with the federal government. 

With files from the Canadian Press