The provincial government says there are no changes to the cost projections for Muskrat Falls, which is nearing completion.
Nalcor president and CEO Stan Marshall has pegged it at $12.7-billion in his last few updates, but critics are pointing to the Grant Thornton forensic audit as putting the cost at $400-million more. That would escalate the cost to an even more mind-boggling $13-billion-plus.
Ed Hollett, a public policy professional with the Atlantic Institute for Market Studies, says a portion of the report compares what the executive of Nalcor understood to be the final costs vs. what was approved by the board of directors. He’s calling on Nalcor to provide updated information now, and not to wait until June.
He says the extra cost of $400-million has not been communicated to the board and not approved by the board. To him, it looks like the project has now exceeded $13-billion.
However, the Muskrat Falls Oversight Committee, in its report last September, says the amount identified in the Grant Thornton audit report is a “risk forecast,” and not an expenditure.