The province’s Liberal government opened the legislature this week for an “extraordinary sitting” in order to examine the memorandum of understanding announced on Dec. 12.
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Opposition Progressive Conservative Leader Tony Wakeham began by saying it was “outrageous” that the debate is happening without the benefit of a review of the agreement by independent experts.
Newfoundland and Labrador Hydro officials have said independent firms provided advice during the negotiation process, and Premier Andrew Furey assured the legislature today that a panel of independent experts will oversee negotiations of a final agreement.
The tentative arrangement would see Hydro-Quebec pay significantly more for electricity from the Churchill Falls hydroelectric plant in Labrador, while developing additional projects with the provincial utility.
It ends a 1969 contract that has long been a sore point in Newfoundland and Labrador because it allowed Hydro-Quebec to buy most of the power from Churchill Falls at prices far below market value.
Officials say that if finalized in 2026 as hoped, the new agreement will provide an additional $17 billion to the provincial treasury between now and 2041, averaging about $1 billion a year.
