Sunday, April 20th7.1°C

Newfoundland premier will announce financing for $7.7B hydro project: sources

ST. JOHN'S, N.L. - Federal and provincial sources say Newfoundland and Labrador Premier Kathy Dunderdale will announce financing details Tuesday on the Muskrat Falls hydro project.

Her office says the premier will make a "significant" announcement at an evening news conference in time for supper-hour newscasts.

Provincial Finance Minister Tom Marshall has said in recent weeks that a final deal on a promised federal loan guarantee was close.

Backing from Ottawa is expected to save about $1 billion in borrowing costs from the $7.7-billion project under construction in Labrador.

A major hurdle was cleared last month when Nova Scotia's Utility and Review Board approved the $1.5-million Maritime Link.

The subsea link would bring Muskrat Falls power to Nova Scotia as part of the joint project to help wean that province off coal-fired energy.

Prime Minister Stephen Harper announced Ottawa's backing for Muskrat Falls a year ago as long as both Nova Scotia and Newfoundland and Labrador are committed to it.

The Canadian Press

Read more Business News


Recent Trending

Today's Market
S&P TSX14500.39+53.87
S&P CDNX998.770.80
S&P 5001864.85+2.54
CDN Dollar0.90720.00
Natural Gas4.735+0.205

Okanagan Companies
Pacific Safety0.115+0.01
QHR Technologies Inc1.29+0.07
Anavex Life Sciences0.3750.00
Metalex Ventures0.08+0.005
Russel Metals30.66+0.11
Copper Mountain Mining2.35-0.07
Colorado Resources0.255-0.01
ReliaBrand Inc0.12-0.01
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.25+0.02



15522423700 Inverness Road
10073264 bedrooms
more details
Click here to feature your property
Please wait... loading

Learning to flirt with the edge

With all of the adventure activities I have done and still do, I wonder sometimes if the edge still exists. The systematic approach to learning a new adventure or extreme activity combined with the r...

Time spent prospecting

How much time should you put into prospecting? The question is a bit of a puzzle. Ideally, there would be a reference book that lists, by industry, how much time you should invest in prospecting acti...

Valuation fears grip markets

The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...




Member of BC Press Council