Nalcor Energy CEO will update Muskrat Falls 'as soon as I can'

Says schedule and cost are under review

Published on March 24, 2016

Nalcor president and CEO Ed Martin

©Joe Gibbons/The Telegram

The Nalcor Energy hydroelectric project at Muskrat Falls sits at a $7.65-billion capital cost.
But at the Crown corporation's annual meeting in St. John's Thursday, president and CEO Ed Martin could neither confirm nor deny that number as the final tally.

He was also asked about the in-service date.

"Right now we are into the process of looking at that again," he told reporters, during a break in proceedings at the Holiday Inn.

He said there are commercial considerations in the way when it comes to speaking about the project cost and schedule right now.

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The capital cost being applied to the project at this point is based on an update provided to the public in September 2015.

At that time, Martin described delays in construction, particularly with the main powerhouse.

"That will have schedule implications, I've been clear on that. And with schedule implications, there will be some cost implications," he said this afternoon.

He said Nalcor is conducting a review in addition to the management review from EY, the latter being commissioned by the new Liberal government.

He was asked if he would be able to comment on the numbers when the province releases the EY findings, if they come before Nalcor’s own work is completed.

"Well I think we'll have to work with the province on that particular answer," he said.

He suggested a project update would be provided before the end of the first half on 2016.