Saturday, November 22nd2.5°C
24157
23943

Newfoundland and Labrador appeals latest loss in hydro fight with Quebec

ST. JOHN'S, N.L. - Newfoundland and Labrador is appealing its latest loss in a decades-long fight with Quebec over Churchill Falls power.

The Churchill Falls (Labrador) Corp. says it is appealing a Quebec Superior Court ruling last month that struck down arguments that a 1969 pricing deal unfairly undervalues electricity from its hydroelectricity plant in Labrador.

The company is leading a case launched in 2010 after Hydro-Quebec rejected calls from the Newfoundland and Labrador government to reopen the deal.

In its ruling last month, the Quebec Superior Court said Churchill Falls (Labrador) Corp. failed to prove that by refusing to renegotiate the pricing terms, Hydro-Quebec breached its civil law duty of contractual good faith.

Crown corporation Nalcor Energy estimates Hydro-Quebec has reaped $24.5 billion from Churchill Falls compared to $1.5 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 and Labrador has previously challenged the fairness of those terms all the way up to the Supreme Court of Canada and lost.

The Canadian Press


Read more Business News

22899


Recent Trending




Today's Market
S&P TSX15111.13+35.95
S&P CDNX789.135.56
DJIA17810.0691.06
Nasdaq4712.97+11.102
S&P 5002063.50+10.75
CDN Dollar0.8901-0.0002
Gold1201.50+10.60
Oil76.72+0.87
Lumber331.50+4.50
Natural Gas4.236-0.253

 
Okanagan Companies
Pacific Safety0.155-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.30+0.03
Cantex0.04+0.005
Anavex Life Sciences0.178+0.008
Metalex Ventures0.03+0.005
Russel Metals31.62+0.82
Copper Mountain Mining2.24+0.06
Colorado Resources0.125-0.015
ReliaBrand Inc0.013-0.002
Sunrise Resources Ltd0.050.00
Mission Ready Services0.35+0.015

 
24130


23511

FEATURED Property
2082180203 1933 Ambrosi Court
2 bedrooms 2 baths
$339,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...


Be quiet already!

No, you’re not crazy. There really are voices in your head. Voices that keep you from doing what you need to do during your customer care calls. It can be the voice of your teachers, your parent...

_



24207

24207


Member of BC Press Council


23369