The president and CEO of Nalcor has described it as a “boondoggle”.
Today, an executive of a consulting company specializing in utilities, on the stand at the Muskrat falls Inquiry, said that the project qualifies as a disaster.
Pelino Colaiacova of Morrison Park Advisers, reviewed the project, concluding that not enough research was done on the alternatives. The alternatives are referred to as the “isolated island” approach.
He had no hesitation in making the statement about the considerably over-budget hydro project after being questioned by lawyer Will Hiscock.
Colaiacova says given that the project is more than $4-billion, or 50 per cent, over-budget, it is probably a disaster.