Muskrat Deal Not Finalized

VOCM

Nalcor Energy and Emera will not meet the January 31st deadline to have a deal to build the Muskrat Falls hydroelectric project. This marks the second deadline that has not been met, and Nalcor CEO Ed Martin says they won't be setting another one.

In November, both provincial governments announced that the two energy companies had signed a term sheet on the project. Since then, work has been ongoing to turn those terms into a formal agreement. Martin says they have made significant progress and it's near completion. He says this delay is not holding up other aspects of the project.

Martin was joined this morning by Emera CEO Chris Huskilson, who said he made the trip to make sure people were clear on the fact that the process is moving forward in a good way. Martin says in in his mind nothing has really changed. The goal is to still sanction the process this year.