Newfoundland and Labrador Hydro will be broken away from Nalcor and the Muskrat Falls project will be split in two in a restructuring plan announced by Nalcor CEO Stan Marshall today.
Jim Haynes will take the reins of Hydro as president on June 28.
Marshall said in a statement the changes reflect the company’s priorities.
“These priorities are the ensure successful completion of the Muskrat Falls project; to prepare the provincial electricity system for integration of Muskrat Falls power; to have clear separation and focus on our regulated business (Newfoundland and Labrador Hydro) from the remaining unregulated business operations while continuing its commitment to providing safe, reliable electricity to our customers,” he was quoted as saying.
Muskrat Falls will also be divided into power supply and power development components. Supply will encompass the full transmission line project, while development will focus on the generating facility at Muskrat Falls.
A news conference has been scheduled for 2 p.m. NL time.