There has been some commentary in the media this week, and I’d like to take an opportunity to provide some information and context from Nalcor Energy’s perspective.
Muskrat Falls is being developed for the benefit of Newfoundland and Labrador. Our detailed analysis of this project clearly shows that there is a demand for the power in our province, and Muskrat Falls is the lowest-cost option to meet our growing demand.
Initially, there will be power from the project that is surplus to our provincial needs. In accordance with the vision laid out in the province’s Energy Plan, Nalcor will maximize the value of surplus energy in the export markets, as long as it provides an appropriate economic return to the people of the Newfoundland and Labrador.
There are open markets for clean, renewable power in eastern North America which Newfoundland and Labrador will continue to access.
The Nova Scotia UARB’s decision earlier this week confirms that Nova Scotia is one of those markets. Other market participants have also expressed an interest in accessing our clean, renewable power. We are open for business.
The Maritime Link provides an opportunity for our province to sell power surplus to our needs at prices that provide an appropriate return for Newfoundland and Labrador. We view Nova Scotia as one of a number of potential markets for our surplus energy.
We have confidence in our analysis and planning on the Muskrat Falls project.
Our legal reviews and extensive engineering work support the development of the project. We will comply with the Water Management Agreement approved by the Newfoundland and Labrador Board of Commissioners of Public Utilities and related legislation while ensuring contractual obligations are met.
Today, hundreds of Newfoundlanders and Labradorians are benefitting from employment and business opportunities on the Muskrat Falls project.
This important project will have significant long-term benefits for customers, our environment and the economic future of our province. I encourage you to learn more about the development of the Muskrat Falls project at: www.muskratfalls.nalcorenergy.com.
President & CEO, Nalcor Energy