Quebec rejects bid by Newfoundland and Labrador to reopen Churchill Falls deal
ST. JOHN'S, N.L. - A Quebec Superior Court has struck down a bid by Newfoundland and Labrador to adjust the terms of a 1969 power price agreement with Hydro-Quebec for the Churchill Falls power project.
The case was launched in February 2010 after Hydro-Quebec rejected a call from the Newfoundland and Labrador government to renegotiate the contentious deal.
The agreement has been a source of friction between the two provinces for decades.
The Newfoundland and Labrador government and Nalcor Energy, the province's Crown utility company, have argued that the deal is unfair, saying as of February 2010 that it has poured $22 billion into Quebec's coffers compared to $1 billion for Newfoundland and Labrador.
Hydro-Quebec has long argued that the deal is valid because it assumed all the costs and risks associated with the project when the contract was signed.
Newfoundland has previously challenged the fairness of those terms all the way up to the Supreme Court of Canada and lost.
The agreement expires in 2041.
Read more Business News
- Parents get Robo-CallsCentral Okanagan - 4:50 pm
- Teachers debate tentative dealBC - 2:35 pm
- Ford has rare cancerous tumourCanada - 2:30 pm
- Cheapflights likes YLWKelowna - 2:39 pm
|QHR Technologies Inc||1.25||-0.05|
|Anavex Life Sciences||0.2361||-0.0139|
|Copper Mountain Mining||2.73||+0.04|
|Sunrise Resources Ltd||0.02||-0.005|
|Mission Ready Services||0.29||-0.01|
Part 1 of 2 Photo: Thinkstock.com1. Move in with your parents or in-laws Explain that you're thinking strategically in moving back home. The quickest way to get into the housing market is to ma...
Article written by Linda Bustos Though I’d never recommend “lowest prices” as a unique selling proposition, I notice many retailers use a Price Match Guarantee or even a 110% Guara...
This week my wife wrote a blog for our charities website, I thought you may enjoy reading it here: I was planning to write about the incredible philanthropic Miss Angelina when, funnily enough, she ...