Saturday, April 25th4.2°C
26150
24733

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

25925


Recent Trending




Today's Market
S&P TSX15408.33+15.98
S&P CDNX697.62-1.86
DJIA18080.14+21.45
Nasdaq5092.08+36.02
S&P 5002117.69+4.76
CDN Dollar0.8210+0.0002
Gold1176.80-17.60
Oil55.50-0.88
Lumber256.60+3.90
Natural Gas2.533+0.002

 
Okanagan Companies
Pacific Safety0.12-0.01
Knighthawk0.010.00
QHR Technologies Inc1.38+0.00
Cantex0.035+0.005
Anavex Life Sciences0.43+0.01
Metalex Ventures0.095+0.000
Russel Metals27.16+0.41
Copper Mountain Mining1.15+0.06
Colorado Resources0.095+0.000
ReliaBrand Inc0.004-0.001
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.20+0.00
Decisive Dividend Corporation1.80+0.10

 



25918

FEATURED Property
2200291478 Clifton Road
4 bedrooms 3 baths
$498,800
more details
image2image2image2
Click here to feature your property
Please wait... loading


What's your score?

There was a time when we would sit down with nothing more than a sheet of paper and a sharp pencil to do the math. Totalling our expenses and subtracting our revenue, the amount left over was the answ...


Do you dare to dream?

Photo: Thinkstock.comI have never been able to understand why some people can only see as far ahead as the end of the current day. Instead of aiming for long term goals, they just wallow in their ever...


Calling on your help!

Has the internet flattened prices as predicted? Has the internet created opportunities for your business to find higher priced markets further afield? Is posting prices on your website a good thing o...

_



25289

25289


Member of BC Press Council


24843