Muskrat Falls update coming: Nalcor

Ashley Fitzpatrick
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President promises numbers at end of June

Nalcor Energy president and CEO Ed Martin says there will be an update on the costs associated with the Muskrat Falls hydro megaproject by the end of the month.

President and CEO of Nalcor Energy, Ed Martin, spoke at the Nalcor Energy Annual General Meeting at the Holiday Inn in St. John's Wednesday. Photo by Rhonda Hayward/The Telegram

He provided the estimated day for the update while taking questions from reporters during a break at Nalcor's annual general meeting at the Holiday Inn in St. John's today. The meeting runs 1-4 p.m. and is available through a live feed on Nalcor's website.

The meeting began with addresses from Martin, the corporation's board of directors chairman, Ken Marshall, and CFO Derrick Sturge.

In his address, Sturge noted plans for more spending on capital works over the coming years, including increased spending by Newfoundland and Labrador Hydro on power system maintenance.

Related to both revenues and spending, Sturge said Nalcor will be starting to issue public, quarterly financial reports, beginning in the third quarter.

The AGM has included discussion of details from the Crown corporation's annual report, covering financial information and management discussion of all of Nalcor's business arms — Lower Churchill, Hydro, Oil and Gas, Energy Marketing and the Bull Arm Fabrication Site.

Asked about a claim made by audience member and former MHA Danny Dumaresque of multiple businesses in Labrador having unpaid bills after performing work on the Muskrat Falls project, Martin said all companies performing work on the project, completing contract work as agreed, will be paid.

Questions from members of the public have otherwise touched on operations of the Bay d'Espoir hydroelectric plant, reliability of the island power system leading into the coming winter and the ultimate cost of Muskrat Falls development to ratepayers.



Organizations: Holiday Inn, Newfoundland and Labrador Hydro

Geographic location: St. John's, Labrador

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Recent comments

  • Tony Rockel
    June 05, 2014 - 11:34

    Pathetic! NALCOR is a rogue organization run by incompetents who were put there by NL's usual network of insider cronies. "World class experts"? LOL, give me a break! This fiasco would be hilarious if it weren't so tragic for NL.

  • concerned
    June 05, 2014 - 05:12

    I first of all would have to commend Ed Martin for taking the 3 hours of questions yesterday. He did very well to keep his composure from certain attack dogs. However, for the release of this critical information why will he just not "Do It" What is so critical in the next 4 weeks to prevent giving an update at the AGM. This was the time, and the place to give a full update on the project which is the number 1 issue at Nalcor, and the province as a whole. The delay of this information from the Annual Shareholders Meeting (effectively) clearly illustrates why Nalcor is separated from reality. Unlike a crown corporation they do not have transparancy in the political world. Unlike a private firm they do also not have this obligation at the shareholders meeting. It is a joke. Their inability to just provide the raw data undermines all the other good work that they are doing. The seismic initiative is as Martin says "the most important investment ever made by the provincial government" and it will be the true investment for future generations. Muskrat Falls is not, and never will be a significant source of revenue for Newfoundland and Labrador. It is an albatross dressed like a songbird.