The hours are ticking down on the MOU reached between Hydro Quebec and NL Hydro on the Upper Churchill, but the Premier of Quebec is optimistic that a deal can still be done.

The MOU, which calls for the expansion of Churchill Falls and development of Gull Island, would bring billions of dollars to the province but Premier Tony Wakeham has everything on hold to allow time to review the deal, which was crafted by the previous government.

The deadline for that review is tomorrow, the same day that the tentative agreement with Hydro Quebec expires, but Premier Tony Wakeham doesn’t see that as a problem.

“I’m not too worried” Premier Wakeham told the House of Assembly this week.

The Canadian Press is reporting that Quebec Premier Christine Frechette remains hopeful that Newfoundland and Labrador will proceed with the energy projects.

It became the focal point of last year’s election in which Wakeham and the PCs’ gained power on the strength of a promise not to proceed with the projects unless Newfoundland and Labrador got the best deal possible.