Ottawa to renegotiate terms of Newfoundland and Labrador’s Muskrat Falls deal, Globe and Mail ($)

Bill Curry & David Parkinson · Published February 10, 2020

‘Your rates will not go up as a result of Muskrat Falls,’ Liberal Premier Dwight Ball, seen here on Nov. 26, 2019, said Monday at a news conference. (Credit: Sean Kilpatrick/the Canadian Press)

The federal government will restructure the terms of its support for Newfoundland and Labrador’s controversial Muskrat Falls hydroelectric project, as the province scrambles to protect ratepayers from a crippling spike in electricity rates stemming from the project’s cost overruns.

Ottawa and the province announced Monday in St. John’s that they will begin talks on restructuring long-term loan guarantees covering much of the cost of the project, which is not yet in service. Ottawa also allowed the province to defer a debt payment due this year of about $150-million. MORE>>