The CEO of Nalcor Energy is calling Muskrat Falls the most over-governed project he’s ever seen in his life.
Stan Marshall gave a presentation at Memorial University last night to explain the history and future of what he termed the “boondoggle” that is Muskrat Falls. You can watch the entire presentation below.
Marshall explained each piece of the project, from generation and transmission to costs and timelines, as well as the challenges he’s experienced since being appointed CEO of Nalcor back in April of 2016.
He says the original estimates were wildly optimistic, the risks were underestimated, and the contractors were not used to the harsh environment.
Marshall says despite some people’s view that Nalcor and contractors are walking around with bags of money, hundreds of millions of dollars have been lost. He says when a megaproject goes wrong, everyone loses except lawyers and accountants.
The CEO faced a barrage of questions after the presentation from critics wanting answers about the North Spur and the project’s integrity, the risk of flooding, the poisoning of food supplies and the decision to continue the project.
Marshall says we should be thinking about the bigger picture. He has to deal with seven separate boards of directors, an oversight committee, environmental assessment committee, and government ministers.
The CEO told the audience that all of them were focusing on the little pieces of the project with microscopes rather than recognizing how far it’s come since it was a crisis facing eminent collapse.