Tuesday, January 27th1.9°C
24736
24890

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

23015


Recent Trending




Today's Market
S&P TSX14833.88+36.05
S&P CDNX676.77+2.38
DJIA17387.21-291.49
Nasdaq4681.498-90.266
S&P 5002029.55-27.54
CDN Dollar0.8044-0.0026
Gold1288.80+9.40
Oil47.27-0.68
Lumber312.50+0.80
Natural Gas2.916-0.065

 
Okanagan Companies
Pacific Safety0.12-0.02
Knighthawk0.010.00
QHR Technologies Inc1.43+0.04
Cantex0.0350.00
Anavex Life Sciences0.180.00
Metalex Ventures0.035-0.005
Russel Metals24.33-0.12
Copper Mountain Mining1.05-0.04
Colorado Resources0.155+0.02
ReliaBrand Inc0.0069+0.0009
Sunrise Resources Ltd0.055+0.03
Mission Ready Services0.21-0.03

 



24910

FEATURED Property
19625304264 Hobson Road
4 bedrooms 4 baths
$5,895,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


How to price: workbook approach

In 2008 Self Counsel Press published my book - Pricing Strategies for Small Business. The book is now available in Europe, India, Russia and the United States. The purpose of the book was to make avai...


Ailing Parents: Tax Issues

If your parent has become ill, there can be several tax issues that come into play depending on the nature of their illness, their age and the role that family members are playing. For example, if you...


What do I pay ICBC for anyway?

If you have had ongoing dealings with ICBC as a result of a car accident than you have likely had the pleasure of dealing with at least two sides of ICBC. Initially the relationship starts off pleasan...

_








Member of BC Press Council


24222