Nalcor says it is still on target for first power from Muskrat Falls this year.

That’s two years and billions of dollars off the original schedule.

Profits at Nalcor are up for the first three months of this year compared with the same period last year. The company released its first quarter numbers in a webcast this morning.

Profit for January 1 to March 31 was $92-million, up from $78-million last year, an increase of $14-million. Key drivers of the increase include a reduction in the cost of producing energy as it imported power from the Upper Churchill.

Higher revenues from oil and gas also helped.

Marshall expects a final decision from the Public Utilities Board on electricity rates for 2019 in the fall.

He says there are two factors: the Rate Stabilization account, and Hydro’s own rate request.