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