The provincial government says a tentative agreement has been reached with the Innu Nation on rate mitigation.

Rate mitigation is the cost over-run from Muskrat Falls that residents have been paying on electricity bills.

The issue was a major sticking point for the Innu who say a rate mitigation deal for ratepayers was announced despite unresolved grievances regarding its portion of revenue from Muskrat Falls.

The Innu Nation argued that rate mitigation was coming despite a loss of $1 billion from its Muskrat Falls Impact Benefits Agreement over the next 50 years.

Premier Andrew Furey, Attorney General John Hogan, and Minister of Indigenous Affairs and Reconciliation Scott Reid issued a statement saying that their meeting with the Innu Nation’s executive committee in Natuashish on Friday resulted in a tentative agreement on rate mitigation.

The statement calls that a “significant” step forward.

Details and a formal signing agreement are scheduled to take place in the coming weeks.