Over the course of the week, we have closely reviewed and thoughtfully responded to several pieces of correspondence received from citizens, and we will continue to do so. We are aware of other individuals who have expressed views through media. Hydro expects, welcomes, and recognizes that public scrutiny is an important part of this process. However, we are deeply concerned that such correspondence continues to repeat inaccuracies that are rooted in incorrect assumptions and interpretations.

We have re-extended invitations to signatories of one such letter received this week and reiterated our willingness to meet with any or all signatories to further discuss the merits and details of the MOU. Such briefings have been held with many leaders from the province, and it is the best way to ensure that their queries are both heard and responded to and where inaccurate assumptions and interpretations can be further assessed.

As Newfoundlanders and Labradorians with families who have been raised here, we would never agree to hit replay on the past 50 years and will accept nothing less than a fair deal. We must reiterate that the MOU is clear that pricing for Churchill Falls power be developed using several market indices. Those indices were negotiated so that electricity prices reflect future changes in the market value of electricity which will ensure fairness throughout the whole term. Fairness was missing from the original contract and is now foundational in the MOU. The new Churchill Falls Power Purchase Agreement also includes off-ramps in 2051 and 2061 to provide additional opportunity to be responsive to changes in the market and pricing for electricity that cannot be envisioned today.

We also wish to note that the membership of Hydro’s Board includes varied professionals from diverse backgrounds including several members who have decades of experience in the electricity industry, and who wholly endorse the MOU.

With lessons learned from past projects incorporated into our considerations, the path to the MOU began back in 2022, and has been anything but rushed. Extensive review and analysis was completed by both the Churchill River Experts Panel and the Churchill River Energy Analysis Team, as well as the same team of leading industry experts that have supported the MOU negotiations and who continue to share their expert counsel through the continuing negotiations. These experts are the best from across the country and include leading electricity industry experts and economists, financial experts, and legal teams—many of whom have spent their entire careers in relevant industries, representing many decades of valuable expertise working to secure the best deal possible—a fair deal. These dozens of experts worked with our team to determine all viable options for the optimization of the river now, as well as for the coming decades. All the experts’ advice informed and is reflected in the MOU.

We believe the MOU is a mutually beneficial deal for both provinces, as it must be. It capitalizes on a moment when Quebec needs certainty of power supply now and for the future—they must make firm plans today or they will need to pursue alternatives other than the Churchill River. This provides Newfoundland and Labrador the opportunity to end the unfair Churchill Falls contract and instead achieve a fair price for power 17 years early.

The MOU also addresses the development of the projects that currently sit undeveloped. This follows the last serious interest from outside parties to develop Gull Island around 20 years ago. These major projects in Labrador will also bring significant economic benefits to the whole province, with Quebec managing the most complicated projects, and providing $4.8 billion to our province. It also provides the province with the availability of more power, a four hundred percent increase, for economic development when we can use it and not have to wait until the 2040s.

We agree that this province deserves more now—and through the next 17 years and beyond.

This MOU delivers more now.