Muskrat Falls rate-mitigation deal to likely miss Sept. 30 deadline, says N.L. government
CBC
Finalization of a deal to stave off imminent power bills surges in Newfoundland is taking longer than first expected, the provincial government confirmed Monday.
When the $5.2-billion agreement-in-principle between the federal government and Newfoundland and Labrador was announced on July 28, government officials said they hoped to have the deal finalized by the end of September.
But it now seems unlikely the deal will be completed by Thursday.
"Work is continuing on the definitive agreements. Things are progressing; however, it appears it may take a little longer," says a statement from the Department of Industry, Energy and Technology sent to CBC News on Monday.
"The deadline was intended to ensure people continued to work diligently. The fact it will likely pass does not affect the work and the conclusion of the definitive agreements."
Sharp hikes to electricity bills for the island portion of the province, as a consequence of the overbudget and behind-schedule Muskrat Falls project, have loomed over the province for years.
In July, Trudeau said the deal would "ensure financial sustainability of the project, while protecting people from major electricity increases."
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