March 30, 2017, St. John’s, NL – Nalcor Energy released its annual Business and Financial Report today, including Annual Audited Consolidated Financial Statements for the year ended December 31, 2016. Nalcor recorded revenues of $824.1 million in 2016, an increase of approximately $13.6 million over the previous year. Operating profit for 2016 was $136.3 million,… Read More
Atlantic Canada’s largest industrial fabrication site March 9, 2017, St. John’s, NL – Today Nalcor Energy has issued a request for Expressions of Interest (EOI) across local, national and international markets to invite and assess interest for the potential use of the Bull Arm Fabrication facility following the completion of ExxonMobil Canada Properties lease in… Read More
Today I welcome the appointments made to the Nalcor Energy Board of Directors as identified by the Independent Appointments Commission and announced in the House of Assembly by Minister Coady on behalf of the Provincial Government. With its eleven members, and chaired by Mr. Paddick, the new Board brings the range of experience required to… Read More
Nalcor Energy released its financial results update for the third quarter (ended September 30, 2016). “Nalcor’s financial position to the end of the third quarter 2016 is very sound. Construction of the Muskrat Falls Project did suffer a major disruption in October due to protests. We are focused on getting back on track and completing… Read More
On Friday, September 30, 2016, Churchill Falls (Labrador) Corporation (CF(L)Co) filed an application for leave to appeal with the Supreme Court of Canada on the decision it received from the Quebec Court of Appeal on August 1, 2016, regarding the disparities of the 1969 Power Contract and the associated Renewal Contract between CF(L)Co and Hydro-Québec… Read More
The Government of Newfoundland and Labrador, Nalcor Energy and Beicip-Franlab announced today that the in place oil and gas resource potential is 25.5 billion barrels of oil and 20.6 trillion cubic feet of gas in the West Orphan Basin located within the area of the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) 2016 Eastern Newfoundland… Read More
At a Nalcor Board meeting held Tuesday, August 9, 2016 the Executive Employment Agreement between Mr. Marshall and the Board of Directors was approved and signed. The Agreement outlines the terms of Mr. Marshall’s employment including his remuneration, expenses and benefits, pension, termination and conflict of interest clauses. The signed agreement has been made publically… Read More
Nalcor Energy today released its financial update for the second quarter ended June 30, 2016. “Nalcor’s overall financial performance year-to-date has been positive, with earnings up in most lines of business,” said Stan Marshall, CEO. Mr. Marshall added, “Making adjustments on the Muskrat Falls Project to ensure that we are set up to execute effectively… Read More
Churchill Falls (Labrador) Corporation (CF(L)Co) yesterday received the decision from the Quebec Superior Court for the Declaratory Judgement motion Hydro-Québec filed seeking the Court’s interpretation of the 1969 Power Contract between CF(L)Co and Hydro- Québec and its associated Renewal Contract. A hearing was held in the Quebec Superior Court in the fall of 2015 and… Read More
Churchill Falls (Labrador) Corporation (CF(L)Co) today received the decision from the Quebec Court of Appeal with respect to the motion it filed in February 2010 regarding the inequities of the 1969 Power Contract between CF(L)Co and Hydro-Québec and its Renewal. In August 2014, CF(L)Co filed an appeal of the Quebec Superior Court Good Faith decision… Read More