Premier Francois Legault took to social media this weekend, praising the MOU signed with Newfoundland and Labrador on hydro development a “great day for Quebec.”
A major component of the deal announced last week is the change in the price Quebec pays Newfoundland and Labrador per kilowatt hour of energy generated from the Upper Churchill project from 0.2 cents to 5.9 cents – coupled with an escalator clause.
While better than the measly amount Newfoundland and Labrador had been reaping for the last five decades, it’s still far lower than what Quebec sells the power for on the market.
Une entente historique entre le Québec et Terre-Neuve-et-Labrador. pic.twitter.com/riykQYdnfT
— François Legault (@francoislegault) December 15, 2024
Legault says the agreement guarantees Quebec very low rates, and the Quebec government saved almost $200 billion by going this route rather than finding a domestic solution to its power needs.
He told Quebecers that the new MOU, once finalized, will allow his province to see increases in rates of no more than three per cent—explaining to Quebec rate payers that low rates are now set for the next generation.
NL Quick to Launch New Advertising Campaign
Premier Andrew Furey
Newfoundland and Labrador has embarked on an extensive advertising campaign including television and radio ads nationally and locally touting the benefits for this province. Premier Andrew Furey embarked on the ad campaign almost immediately on the heels of the Churchill Falls agreement.
In the ad, Furey directs people to the website ourchapter.ca
“Fifty years of feeling angry and powerless, but now it is our time. We’re now tearing up that contract and regaining our power. We’re getting more development, more jobs and more money. It’s a new future for our kids and grandkids.”
