Story: Ahead of Quebec premier’s visit, provincial panel recommends new Churchill Falls deal
The notion that Quebec will change this deal one minute before 2041 is laughable. Quebec locked in a fixed price, with no escalator clause for inflation, in the early 1970s. And then they were able to extend it until 2041, despite Newfoundland’s protests to the Supreme Court of Canada, which backed Quebec. It is perhaps the most lopsided, unfair deal in Canadian history. Quebec gets rich, Newfoundland starves.
Churchill Falls Hydroelectric Generating Facility, with 5,428 megawatts capacity, has more power generating capacity than the entire province of Saskatchewan, combined, if every single coal and gas turbine, every wind turbine are running at 100%, and every solar panel is entirely lit at noon. If Newfoundland actually got a fair deal from its power sales over 50 years ago, it would not have been a have-not province for the last five decades. However, numerous court cases, up to the Supreme Court of Canada, have locked Newfoundland into the deal until 2041, selling power to Hydro Quebec for $2 per megawatt-hour. In New York (which buys power from Hydro Quebec), “Higher fuel costs have led to higher average wholesale electricity prices as well. In February 2022, the average year-to-date wholesale electricity cost was $118.36/Megawatt-hour (MWh), according to NYISO data.” Where do you think they buy wholesale power from?
