Nalcor financial statement tabled in House

Ashley Fitzpatrick
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Crown corporation lays out business highlights ahead of June 5 AGM

An aerial view of the Bull Arm site. — Submitted photo

Nalcor Energy has reported a more than $125-million profit in 2011, according to its annual Business and Financial Report.

The report for the Crown corporation was tabled Wednesday in the House of Assembly by Minister of Natural Resources Jerome Kennedy.

The bottom line is a $49.2-million increase over the previous year, according to the document.

In a statement issued Thursday, Nalcor noted it has reduced its debt to capital ratio from 42.5 per cent to 38.5 per cent, year over year.

The Crown corporation also listed highlights from the last year of its operations.

The last year included ratification of the New Dawn Agreement, a commitment for a federal loan guarantee for the Lower Churchill project and an agreement with ExxonMobil Canada Properties for use of the Bull Arm fabrication site for Hebron project work.

Nalcor’s oil and gas arm celebrated first oil from the White Rose extensions (of which Nalcor has a five per cent stake) and Hibernia Southern Extension (where Nalcor has a 10 per cent working interest).

The Crown corporation underlined “significant capital work” in 2011 at the existing Churchill Falls hydro power station and completed enhancements to its apprenticeship program for all trades.

Charitable donations and volunteer time on the part of both the Crown corporation and its staff are noted.

The 2011 financial report is available online at

The release of the report comes ahead of Nalcor Energy’s annual general meeting, being held Tuesday, June 5 from 9-11 a.m. at the Holiday Inn in St. John’s. The meeting is scheduled to be webcast.

Organizations: Nalcor Energy, ExxonMobil Canada Properties, Hibernia Southern Extension Holiday Inn

Geographic location: Hebron, White Rose

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Recent comments

  • Cold Future
    June 01, 2012 - 12:06

    Don't forget that the province has bought the shares of oil projects and takes on the associated risks. The oil is floating the government and Nalcor at the present time which hopefully will continue. Don't you think that Nalcor could guarantee fixed electricity rates to the NL consumer instead of the proposed increased rates under the take or pay proposal to develop the uneconomical Muskrat generators? With respect to the $45 per MWH from the Upper Churchill recall power sales, how much does Nalcor get compared to the Emera share. It has been said that the Nalcor share was reduced when Emera took over selling the power from Hydro Quebec- is that true? Hope not - the newfy jokes keep on piling up.

  • john's shadow
    June 01, 2012 - 10:48

    John you took the bait, like on every issue they want you to believe. This is only good news if its more money then we taxpayers gave to nalcor. Just like MRF's johhny. Have another sip a koolaid b'y.

  • John Smith
    June 01, 2012 - 09:00

    The naysayers are quick to pounce on every tidbit of bad news, I wonder how they will react to this? I'm sure the dolts like William Daniels and the rest will have a negative spin to put out there.Dwight Ball was mentioning how the cost for power on the mainland was averageing 45 dollars per MWH while Muskrat will cost 239 dollars a MWH. The only thing though is how does he propose we tap into that power? We live on an island in the north atlantic, not in New York, or Toronto.Congratulations to Nalcor for lowering their debt, and for posting a profit...if only all government agencies could do so well.