https://www.theglobeandmail.com/
Quebec and Newfoundland and Labrador are vowing to put aside decades of bad blood over the Churchill Falls hydropower station, cementing what they’re calling a historic deal that will see them invest and work together on future electricity development worth tens of billions of dollars.
Under an agreement in principle that was unveiled Thursday in St. John’s by premiers François Legault and Andrew Furey, Quebec would secure a key source of power. Newfoundland would win significantly more revenue for its existing power generation and clinch a partner with deep pockets and technical know-how for three new production projects along Labrador’s Churchill River.
The provinces have agreed on a new contract for power generated in Labrador for 50 years to 2075, including increasing the price of energy from the existing Churchill Falls station to 4 cents per kilowatt hour from the current 0.2 cents. That would allow Newfoundland, as majority owner of the station, to obtain a far fairer price compared with the current fixed-price contract, according to deal documents.
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