Statement from the Board of Trade: IRC Report
A renewed Churchill River agreement represents one of the most significant economic and energy opportunities in Newfoundland and Labrador’s modern history. The decisions made in this moment will influence our province’s long-term fiscal stability, energy access and economic competitiveness.
This week, the Government of Newfoundland and Labrador released the Report of the Churchill River Independent Review Committee (IRC). The IRC found that the existing Churchill River Memorandum of Understanding (MOU) “is not in the overall best long-term interest of the people of the province”. Given the time, resources and consideration that have already been allocated to the existing MOU, the Board of Trade is concerned that further delays may jeopardize growth and pose opportunity costs. Against a backdrop of mounting debt and years of forecasted deficits, we cannot afford to let this opportunity pass us by.
The possibility of a referendum on a renegotiated MOU also raises concerns. The time, cost and uncertainty associated with a significant undertaking of this nature could impede timely progress on a project of critical importance to the province. We encourage the provincial government to consider alternative approaches to public engagement and education that keep Newfoundlanders and Labradorians informed on developments related to the MOU while avoiding unnecessary barriers to advancing the agreement.
The Board of Trade supports Premier Wakeham’s focus on securing the best possible deal for Newfoundland and Labrador and maximizing value from our natural resources. We also recognize the lack of timely progress may risk the ability to achieve this. We strongly urge all parties involved, including the Government of Newfoundland and Labrador, the Government of Québec, NL Hydro, Hydro Québec and the Government of Canada to re-engage on this matter swiftly. A fair and realistic agreement reached quickly yet prudently is in the best interest of all parties, including the people of Newfoundland and Labrador.
Media Contact:
Shanelle Clowe-Hillier
Manager of Communications
sclowe@bot.nf.ca | 709-325-1040
