Premier Andrew Furey is expressing relief over a $25-million settlement reached between the province and Hydro-Quebec on the water rights to the Churchill Falls project.
In 2019 the Quebec Court of Appeal ruled in favour of Churchill Falls Corporation Limited, allowing them to sell the energy produced on the Upper Churchill above a certain threshold.
As a result, Hydro-Quebec has agreed to almost $25-million in retroactive pay.
Furey calls it a good decision that will allow NL Hydro to plan into the future.
He says it allows the province “to at least know what the floor is” and look at different revenue streams.
(Photo by Emilie Madeau, via Premier Andrew Furey on Twitter.)
Developing the Gull Island hydro project was among the items discussed during a face-to-face meeting between Premier Andrew Furey and Quebec Premier Francois Legault in Montreal yesterday.
Furey describes his discussion with Legault on hydroelectric capacity in Labrador, including Gull Island, as “very high level.”
He says both provinces recognize the opportunities that can come from increased demand for “clean, green energy.” Furey says Newfoundland and Labrador owns “significant capacity” while Quebec owns “significant opportunity” with a transmission corridor.
Premier Relieved by $25-Million Churchill Falls Settlement with Hydro-Quebec - VOCM
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