Nalcor and Emera have yet to come to final terms on the Lower Churchill development.
This morning, (January 27) in the lobby of the Nalcor building in St. John’s, Nalcor CEO Ed Martin and Emera CEO Chris Huskilson spoke to reporters on the timeline for finalizing an agreement on the project‚ including details of the island links.
A preliminary agreement, an initial term sheet, was announced by the provincial government on Nov. 18, 2010. “Since that time, both companies have been progressing with work to convert the initial term sheet into formal legal and commercial arrangements,” Martin said.
“Significant progress” has been made and final contracts are nearing completion, he said.
“However we will not have all the work completed by Jan. 31 (2012) as previously stated.”
Both Martin and Huskilson refused to set a new timeline for the contract work to finish.
“I think another important point is that this work is not holding up the project,” Huskilson said.
“The project is continuing and the work to move the project along on schedule is continuing as well. So it’s not holding anything up.”
Asked about the anticipated review of the project by Manitoba Hydro, Martin said the question would be best put to the Board of Commissioners of Public Utilities (PUB).
Response on the announcement is expected to roll in as the day moves on.
afitzpatrick@thetelegram.com
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