Securing a Prosperous Future in Newfoundland and Labrador

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Street. John, NL, July 28. 2021 / CNW / – As we begin to recover and recover from the COVID-19 pandemic, the government of Canada Committed to working collaboratively with provinces and territories to build a healthier and more prosperous future.

first Minister Justin Trudeau The Prime Minister of Newfoundland andLabradorAnd Andrew ForeyToday, I announced a preliminary agreement for the financial restructuring of the Lower Churchill Projects, a group of hydroelectric production and transmission projects that will provide a reliable source of clean energy for the people of the region in the long term. Atlantic region.

This agreement will, in principle, contribute to creating a sustainable and long-term financial base for the projects and reduce the cost of financing, thus providing more certainty to people and companies. Provides $2 billion in federal funding, including a $1 billion investment in the regional portion of the intercontinental power transmission line Labrador Newfoundland Island Projects and a $1 billion federal loan guarantee for the Muskrat Falls Power Plant and power transmission assets in Labrador.

The Prime Minister also announced that the government Canada Willing to make annual transfers to the province equivalent to the annual net income of Canada Resulting from participating in the net profits (PBN) and complementary participation in the net profits (PABN) of the extracted oil project HiberniaWhich will reach, according to current estimates, $ 3.2 billion by the end of the project’s life Hibernia. The federal government considers them to be Newfoundland andLabrador Who should be the primary beneficiary of these funds and that these new annual transfers will ensure that. With this money, the province will be able to achieve its goals, and the transfers will strengthen the long-standing agreement between the two governments that Newfoundland and LabradorLabrador It is the main beneficiary of oil and gas exploitation in the jointly managed extraction area.

Initiatives such as the Lower Churchill Projects promote economic competitiveness and prosperity in Newfoundland and Labrador.Labrador, In the Canada Atlantic and across the country. The projects are also actively contributing to the area’s electrification and decarbonization efforts, as well as to the Canadian Climate Change Plan, Newfoundland and Labrador.Labrador Nova Scotia and beyond. We will continue to work with provinces, territories and indigenous peoples to build a healthier and cleaner future and an economy that works for all.

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quotes

By working with Newfoundland and Labrador to support these important projects, we are investing in the future of the county’s residents. Today’s announcement is an important part of our joint effort to rebuild a better and more prosperous future for the people of Newfoundland and Labrador and all Canadians.
Right hon. Justin TrudeauPrime Minister Canada

This is a historic moment for Newfoundland andLabrador, which is a testament to the important work that can be accomplished when federal and provincial governments work together on shared priorities. The $5.2 billion in funding announced today will allow the people of our county to breathe a sigh of relief knowing that their electricity bills won’t double. I thank everyone who participated in building a better future. The union is stronger when we are stronger.
– Sir. Andrew Faury, Prime Minister of Newfoundland andLabrador

Our government is committed to growing our economy by making investments that create good jobs for the middle class and build a resilient and clean future. Today’s announcement of the Lower Churchill Projects will allow Newfoundlanders and Labradorians to take advantage of these new and county annual transfers to advance their clean energy plans. Canada Atlantic. These projects are good news for the county and for the county Canada, while building a greener, more innovative and prosperous economy.
– color. Chrystia FreelandDeputy Prime Minister and Minister of Finance

Today’s announcement will support the development of clean energy and the prosperous growth of the people of Newfoundland and Labrador.Labrador The Atlantic Canadians. future, government Canada It will continue to work with its provincial, territorial and indigenous partners to ensure a sustainable future for Canadians.
– His Excellency Dominique LeBlanc, President of the Privy Council of the Canada Minister of Governmental Affairs

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Water Resources in NewfoundlandLabrador Can help feed Canada Atlantic, electrifying our regional economy and leading the fight against climate change. This agreement allows us to do just that and put the Lower Churchill Enterprises on a strong financial footing for the benefit of all Newfoundlanders and Labradorians.
– His Excellency Seamus Origen, Jr., Minister of Natural Resources

Highlights

  • The Lower Churchill projects consist of a series of hydroelectric generation and transmission projects including the Muskrat Falls Power Plant on the river. Churchill NS Labrador., and transportation facilities for Labrador, transmission line between Labrador and the island of Newfoundland, and the line between them Labrador and Nova Scotia, called Maritime Link.
  • The Lower Churchill Projects remain under provincial jurisdiction, and the county is responsible for ensuring the economic aspect of their implementation.
  • The agreement provides in principle for the financial restructuring of the Lower Churchill Enterprises to refinance a $1 billion debt under a new federal loan guarantee. It also provides for a new federal investment of $1 billion in a portion of projects related to the interconnection Labrador and the island of Newfoundland. The two governments will seek to implement the detailed agreements for the financial restructuring of the Lower Churchill projects before the projects come into operation.
  • oil field Hibernia It was discovered in 1979 and is located 315 kilometers east of St. John’sand Newfoundland andLabrador. Establishment of the oil project Hibernia It began in 1990, after the federal government pledged significant financial support to ensure the project was implemented.
  • PBN and PABN are the result of a trade agreement concluded in 1990 between Canada and owners Hibernia, Gulf, Mobil, Chevron, and Petro-Canada.
  • PBN and PABN were offered as compensation for the financial support of Canada for the project Hibernia, which included non-repayable contributions of $973 million and loan guarantees of nearly $2 billion. This support was necessary to allow the construction of the project Hibernia, which began in 1990 and ended in 1997. In 2020, Canada He received $3.35 billion in PBN and PABN from the project.
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Related links

This document can also be found at: https://pm.gc.ca

Source: Prime Minister’s Office Canada

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