Coady says this province won’t see any money until 2026 but changes in the new contract will be retroactive to January 1,2025.
Finance Minister Siobhan Coady says everything changes with a new deal that could see $17 billion in revenue for the province by 2041. That’s when the Churchill Falls deal with Hydro Quebec was due to expire. It was a major thorn in the province’s side with Quebec getting electricity for 0.2 cents a megawatt. In St. John’s last week, Premier Andrew Furey held a news conference with Quebec Premier Francois Legault. Furey tore up the 1969 contract and signed a Memorandum of Understanding with Legault, that would see a new deal beneficial to both provinces. Finance Minister Coady says this province won’t see any money until 2026 but changes in the new contract will be retroactive to January 1,2025. She says this could mean $17 billion dollars for the province by 2041. Coady says the new contract will be of great benefit to the people of this province.
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