Tuesday, November 26, 2013

MUSKRAT PICKS UP MOMENTUM

No huge surprise, The Muskrat Fall's Freight Train has smashed through another crossing!

Federal Natural Resources Minister Joe Oliver announced today that his department has given the project permission to construct the underwater transmission link to Island from Labrador.

The Government determined that the environmental effects of the project are justified in view of the significant economic benefits and reductions in greenhouse gases for the region. With this decision, the project proponent can continue with the regulatory approval process.

The project will require federal authorizations under the Fisheries Act, the Navigable Waters Protection Act and the Federal Real Properties and Federal Immovables Act in order to proceed.

The parties have yet to sign off on the promised federal loan guarantee term sheet of November 30, 2012. Prime Minister Harper announced that the federal government reached an agreement with the governments of Newfoundland and Labrador and Nova Scotia, as well as the utilities Nalcor Energy and Emera Inc., on the terms and conditions for the federal loan guarantee for the Lower Churchill Hydroelectricity Projects.

 The federal government's guarantee will shave shave hundreds of millions of dollars off borrowing costs which the Provincial Government says makes the project more viable.

Nalcor Energy is developing the Muskrat Falls Hydroelectric Generation facility, with a generating capacity of 824 megawatts on the Churchill River, downstream from the existing Churchill Falls facility in Labrador.

The Muskrat Falls facility is expected to generate 4.9 million megawatt-hours (MWh) annually, with first power expected to flow in mid-2017.

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