Newfoundland and Labrador Hydro reported $580 million in profit at its annual general meeting on Thursday.

Throw in final commissioning of the Muskrat Falls Project, and more progress with the Labrador-Island Link, and it was a good past year for the utility.

But rather than dwell on the past, CEO Jennifer Williams was all about electrification, and whether the province is prepared for what’s to come.

CEO Jennifer Williams addresses : Newfoundland and Labrador Hydro‘s AGM at the Alt Hotel in downtown St. John’s. ⁦@VOCMNEWS⁩ pic.twitter.com/i030n8pP01

— Brian Callahan (@briancallahan67) June 29, 2023

“I am nervous about our readiness and the hesitancy that I would see some folks sort of not believing this is really happening. This is happening. If you look at any media coverage of the actual car companies themselves, they’re not turning back. They’re racing into this. You’re not going to be able to buy these kinds of vehicles. It is going to be a challenge.”

Williams says domestic need is one thing, noting foreign interest in the province’s net-zero assets could also exceed demand.

That in turn could impede otherwise exponential economic growth in the local clean energy sector, she said.

Meanwhile, the final cost of Muskrat Falls has come in at over $13.5 billion, more than double the original estimate of $6.2 billion.

NL Hydro reports total, final cost of Muskrat Falls Project is $13.5 billion, compared to initial estimate of $6.2 billion. @VOCMNEWS

— Brian Callahan (@briancallahan67) June 29, 2023