Muskrat Falls update coming: Nalcor

President promises numbers at end of June

Ashley Fitzpatrick afitzpatrick@thetelegram.com
Published on June 4, 2014
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

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.

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.