Historic Energy Deal Secures Billions for NL’s Future: Full audio of the press conference

On December 12, a groundbreaking Memorandum of Understanding was signed to replace the 1969 Upper Churchill Contract, advance Gull Island development, and boost Churchill Falls capacity. Expected to generate over $225 billion in revenue, the deal includes an immediate power price increase and a framework for agreements delivering an average of $1 billion annually to NL until 2041, with escalating returns thereafter.

Historic Announcement: Newfoundland and Labrador Hydro Partnership with Québec | Gale Force Wins

Join us as we capture the historic announcement of a transformative energy partnership between Newfoundland and Labrador and Québec. Premier Andrew Furey and Premier François Legault reveal a groundbreaking agreement that replaces the 1969 Upper Churchill Contract, secures over $200 billion in revenue, and paves the way for Gull Island and other hydroelectric developments. This deal marks a new chapter of collaboration, reconciliation, and sustainable growth, ensuring a prosperous future for generations to come.

Discover how this agreement addresses past grievances, creates tens of thousands of jobs, and unlocks the potential of clean energy for Newfoundland and Labrador while fostering meaningful partnerships with Indigenous communities.

Timestamps:

• 0:00 – Intro music and Premier Andrew Furey begins the announcement.
• 0:33 – Premier Furey reflects on Newfoundland and Labrador’s history and announces the termination of the 1969 Upper Churchill Contract.
• 1:49 – Emphasizing collaboration with Québec and the significance of this agreement.
• 2:30 – Overview of tough negotiations and the transformative impact of the new deal.
• 5:07 – $200 billion in revenue projected between 2025 and 2075.
• 7:09 – Explanation of market-based pricing and escalating revenue opportunities.
• 8:30 – Commitment to a fair and modern agreement, including Indigenous partnerships.
• 10:02 – Details on Gull Island development and Churchill Falls expansion.
• 12:14 – Québec’s $3.5 billion payment for co-development rights.
• 13:01 – Capital investment and job creation for Newfoundland and Labrador.
• 14:07 – Addressing economic reconciliation and building future opportunities.
• 17:29 – Premier Furey’s closing remarks on the significance of this deal for generations to come.
• 19:32 – Premier François Legault shares Québec’s perspective and collaboration efforts.
• 27:00 – Press Q&A covering financial security, job creation, and Indigenous engagement.

🎥 Watch this historic announcement as Newfoundland and Labrador takes a bold step toward a sustainable and prosperous future.

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