gocanoeing
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In a sweeping agreement that not only replaces a contentious 65-year contract that generations of N.L. politicians have loathed, Furey and Legault also announced plans to develop Gull Island, one of the last great hydroelectric projects in North America.
"Today, everything changes for Newfoundland and Labrador," Furey told a crowded audience.
"We are ripping up the 1969 contract. Not in 2041, when it expires, but today."
The MOU is expected to be formalized by 2026.
Under the current contract, N.L. received 0.2 cents/kWh. Under the new proposed agreement, that's increased by no less than 30 times to 5.9 cents/kWh.
Over the next of 50 years, N.L. should see an average of $1-billion every year until 2041, increasing to $2 billion in 2044, doubling to $4-billion per year in 2056 and escalating beyond that.
"Today, everything changes for Newfoundland and Labrador," Furey told a crowded audience.
"We are ripping up the 1969 contract. Not in 2041, when it expires, but today."
The MOU is expected to be formalized by 2026.
Under the current contract, N.L. received 0.2 cents/kWh. Under the new proposed agreement, that's increased by no less than 30 times to 5.9 cents/kWh.
Over the next of 50 years, N.L. should see an average of $1-billion every year until 2041, increasing to $2 billion in 2044, doubling to $4-billion per year in 2056 and escalating beyond that.
