Thursday, March 26th7.8°C
24931
23669

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.

The Canadian Press


Read more Business News

25253


Recent Trending




Today's Market
S&P TSX14869.80-59.57
S&P CDNX679.56+2.32
DJIA17678.23-40.31
Nasdaq4863.36-13.16
S&P 5002056.15-4.90
CDN Dollar0.8004-0.0005
Gold1204.90+7.60
Oil50.35-1.08
Lumber287.80+1.80
Natural Gas2.659-0.013

 
Okanagan Companies
Pacific Safety0.13+0.01
Knighthawk0.010.00
QHR Technologies Inc1.50+0.00
Cantex0.03-0.01
Anavex Life Sciences0.21+0.00
Metalex Ventures0.04-0.01
Russel Metals24.68-0.28
Copper Mountain Mining1.13+0.00
Colorado Resources0.115-0.010
ReliaBrand Inc0.0075-0.0004
Sunrise Resources Ltd0.045+0.000
Mission Ready Services0.235-0.005
Decisive Dividend Corporation1.78-0.32

 



25253

FEATURED Property
2224926Updated Glenrosa Rancher
$339,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


CRA Notice of Assessment

Many Canadians rush to file their taxes on time each year and don’t think about it until the next year. One of the most overlooked notices received from the CRA annually is the annual Notice of ...


Medical confidential?

If ICBC asks your doctor for your information you may wonder: Can ICBC ask my doctor for my medical information? Can ICBC request a medical report from my doctor without my consent? What is ICBC entit...


Stay out of sales limbo!

Have you ever had a series of good meetings with a prospect … gathered all kinds of information … and given what you thought was a great presentation … only to receive a response ...

_





25482


Member of BC Press Council


25534