2041 can't come quickly enough: N.L. disappointed with Churchill Falls loss at Supreme Court

Today's 7-1 Supreme Court of Canada ruling thatHydro-Qubec hasno obligation to renegotiate the ChurchillFalls energy contract is disappointing, says Premier Dwight Ball.

"The past is the past for us. The decision is the decision. We are disappointedtoday. Of course, we feel we would like to get more money out of the Upper Churchill, we all know that," Ball said on Friday.

"We've known they've gotten a lot more out of this contract than Newfoundland and Labrador did for years, but we also know that 2041 is coming."

When the energy deal between the two provinces expires in 2041, full control of the hydroelectric projectwill then be handed over to Churchill Falls Corp.

To date, Quebec has seen close to $28 billion in profit from the deal, which was signed in 1969. However, Newfoundland and Labrador has only profited $2 billion over that time period.

Minister of Natural Resources SiobhanCoadysaid the province will continue to invest in the hydroelectric project in preparation for the contract's expiry.

"The assets of the Churchill Falls, we're continuing to update [them], so that we'll have a good asset when 2041 comes," she said.

"It does take a long time to develop hydroelectric assets. I would imagine the discussions around the Upper Churchill project will begin long in advance of 2041."

Eight-year legal process

NalcorEnergy said in a media statement that every legal avenue was explored, in both the Quebec court and the Supreme Court of Canada, to ensure Newfoundland and Labrador would benefit from its natural resources.

"This decision is final and brings to an end an eight-year legal process. We are disappointed with the outcome but will continue to honour the contract and continue to work cooperatively with Hydro-Qubec," the statementsaid.

Ball predictedthat the legal fees over the last eight years will have reached inthe millions of dollars.

The process was started by the province's previous government, the premier said,with money set aside in a trust fund specifically for the court challenges.

Good relationship

Both the provincial Liberals and NalcorEnergy said cooperation with Quebec is still imperative. Ball said he has been in contact withFranois Legault, the premier of Quebec, to ensure the working relationship between both provinces remains co-operative andbeneficialto both sides.

"We are both committed to making sure that we can bring future benefits, by working together with other provinces, to Newfoundlanders and Labradoriansand to his own province as well," Ball said of Legault.

"We know that working together, we are more competitive."

With files from Katie Breen

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