Muskrat Falls is set to come fully online later this year and with the threat of soaring electricity rates looming.

Premier Andrew Furey admits the province is working with a “drop-dead deadline” for rate mitigation. He says once Muskrat comes online in the fall, a series of financial problems will be triggered that the province cannot wait to solve.

Furey was responding to questions following his State of the Province address and explained that if we don’t have a deal by November, the $600-million for rate mitigation will kick in.

Then, he says, the debt will be transferred onto the province creating a significant fiscal problem.