What is the benefit of Muskrat Falls to Newfoundland and Labrador? Absolutely nothing.
I received my electricity bill for December and the kilowatt per hour rate was the same as it was in 2010. NL Hydro increased the rates in 2011 and 2012 claiming higher oil costs. In 2013, the Public Utilities Board ordered NL Hydro and Newfoundland Power to refund the money they overcharged customers.
The previous provincial government prevented the PUB from interfering with Nalcorâ€™s Muskrat Falls project. This deprives the citizens of any regulatory protection from whatever Nalcor thinks they deserve.
If the new government continues to support the completion of the Muskrat Falls dam, we will see our rates increase by as much as 100 per cent, by two per cent each year after for the next 50 years. With the economy in the state itâ€™s in, and oil at such a low, the only sensible thing to do is stop the Muskrat Falls development.
The project is half completed and what is built so far is good for 100 years. If at any time in the future it makes economical sense to continue with the project, great. Right now, building a dam that produces power at four times the cost of what we can sell it for is just plain stupid.