Nalcor CEO Stan Marshall says restructuring of the governance at Nalcor announced today is an effort to refocus the company and make sure executives are working closer to their projects.
Nalcor and NL Hydro will share what’s essentially the same relationship seen between Newfoundland Power and Fortis.
Hydro now has its own president in Jim Haynes, who has come out of retirement after formerly serving as executive responsible for Hydro.
Haynes will report to CEO Marshall, but be more separated from the other lines of business run by Nalcor.
Marshall assured that there’ll be no double dipping between Haynes’ pension and the new contract, nor will Haynes be getting severance once he finishes.
Muskrat Falls now has two executives in John MacIssac and Gilbert Bennett. MacIssac will focus on the transmission aspect of the project, and Bennett will focus on getting the hydroelectric facility complete.
Despite project overruns and further delays, Marshall says he has confidence that the changes will get the project done.
He says the different aspects of the project have different opportunities and different timeframes. He says with regards to transmission, it’s a technical challenge to connect the transmission system to the Nova Scotia and Quebec systems.