For Immediate Release
December 13, 2024

econext is congratulating the Government of Newfoundland and Labrador and its negotiating team on the historic Memorandum of Understanding (MOU) signed yesterday with Quebec to chart the future for Churchill Falls.

“The Churchill Falls hydroelectric resources are world class and are admired by all those econext and its members engage with nationally and internationally,” said Kieran Hanley, econext’s CEO. “We commend both provincial governments for seeing the importance and value of this enormous clean energy asset, and are excited and ready to contribute to its future development.”

The MOU signed between Newfoundland and Labrador and Quebec includes an agreement to terminate and replace the 1969 Upper Churchill Contract, expand the capacity of the existing Churchill Falls plant, develop Gull Island, and build important new transmission infrastructure.

“Gull Island is well known across the continent as being one of the most attractive undeveloped hydroelectricity projects in North America,” said Hanley. “All told, this agreement will increase clean energy generation capacity in Labrador by almost 4GW, with the province maintaining majority ownership of the generation assets and having access to almost 2GW.”

Hanley said that the agreement will mean a number of things from a clean energy perspective. “First, this expanded access to clean energy will allow the province to attract new investment and new low-carbon industrial activity,” noting that it has the potential to enable new critical minerals activity in Labrador. “Second, this will mean many green jobs and business opportunities for people in our province over a sustained period of time.”

Also significant, said Hanley, is the involvement of the Innu Nation in the negotiations and the announcement of the MOU. “We are seeing a trend here in Newfoundland and Labrador where Indigenous groups are becoming directly involved in clean energy project development, and this is a very positive thing.”

Hanley observed that the MOU is the result of the hard work and determination of many Newfoundlanders and Labradorians. “This MOU is a win for all parties to the agreement; econext would like to extend a congratulations to all of those involved.”

About econext

econext is a not-for-profit association with a mission to accelerate clean growth in Newfoundland and Labrador by: (1) stimulating research, development, and innovation; (2) preparing its workforce for a greening economy; and (3) acting as a catalyst for climate change action within its industries, businesses, and communities.

econext has been working for over 30 years on behalf of its members across many sectors to support environmentally sustainable economic development. More information can be found at https://econext.ca.

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