The federal and provincial governments are reporting significant progress towards the finalization of the rate mitigation process that will protect Newfoundlanders and Labradorians from the shock of increased electricity rates once Muskrat Falls officially comes on line.
The $5.2 billion dollar rate mitigation plan involves $2-billion in federal financing, including a $1-billion federal loan guarantee for both Muskrat Falls and transmission assets.
The remaining $3.2-billion involves annual transfers to the province, equivalent to the revenue generated from the government of Canada’s share of the Hibernia project.
Premier Andrew Furey says the relief promised to ratepayers in this province now has teeth. Furey acknowledged that the road ahead is long, but the signing of the term sheets represents momentum.
Both levels of government announced today that the term sheets have been signed for the loan guarantee and capital restructuring for Muskrat Falls and the Labrador Transmission Assets. The final agreements under those term sheets are “substantively complete” and will be signed in the coming months.
A request for financing is now being initiated to get the best financing solution—using Canada’s AAA credit rating.
Innu Nation “Frustrated” as No Agreement Yet Reached with Them
Meanwhile, the Innu Nation is expressing their frustration with today’s announcement on rate mitigation, saying that a satisfactory agreement with them has yet to be reached.
When the deal was first announced last summer, the Innu Nation launched a court injunction against the process, saying they had not been consulted and that the deal could affect benefits they were promised for agreeing to let the mega project be built on their land.
That court case was later dropped to allow further discussions to take place
Now, the Innu Nation says they’re not surprised by today’s announcement, but are frustrated that no agreement has been reached regarding their outstanding concerns.
They say that they have agreed to enter facilitated discussions with the province, but retain the right to return to court.
They support rate mitigation for provincial ratepayers, but say they deserve fair treatment and any rate mitigation deal must protect their interests as well.
The Innu Nation says they will not be making any further comments at this time.
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2022-02-14 17:33:00Z
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