Premier Furey and Minister Parsons Announce Nalcor Operations Moving Under Newfoundland and Labrador Hydro

  • Executive Council
  • Industry, Energy and Technology

June 23, 2021

The Honourable Andrew Furey, Premier of Newfoundland and Labrador, and the Honourable Andrew Parsons, Minister of Industry, Energy and Technology, today announced that Nalcor Energy operations will be moving under Newfoundland and Labrador Hydro (Hydro). They were joined at the announcement by Jennifer Williams, President and CEO of NL Hydro.

This aligns with the recommendations of the Board of Commissioners of Public Utilities (PUB) in its February 2020 report titled “Rate Mitigation Options and Impacts Muskrat Falls Project,’ which recommended that the operations of Nalcor Energy Power Supply and Nalcor Energy Marketing be absorbed by Hydro.

Work has begun to review the existing corporate and governance structure and contractual arrangements for the Crown Corporation and its subsidiaries. This will include involvement of the Department of Industry, Energy and Technology and the Department of Justice and Public Safety, in collaboration with the CEO of Nalcor Energy and Hydro as well as the Boards of Directors for Nalcor Energy and Hydro. Government also recently announced changes to compensation at the corporations.

Transition will be ongoing in the coming months.

The Provincial Government recently appointed Jennifer Williams as interim CEO of Nalcor. That appointment and today’s announcement confirm this government’s intention that the corporation will evolve to a steady-state utility operation focused on cost reduction while providing safe, reliable electricity, and will focus on maximizing the economic potential of its energy portfolio.

Quotes
“Our government committed to immediately begin an analysis and reorganization of Nalcor to streamline, remove duplication and save money. This action today is another step towards fulfilling this commitment. Government and Hydro will undertake a comprehensive analysis to ensure a successful transition. We will continue to update employees, stakeholders and the public about the process.”
Honourable Andrew Furey
Premier of Newfoundland and Labrador

“With Ms. Williams’ interim appointment, recent changes to compensation, and this announcement today, our government has confirmed the path for the future of the people’s Crown utility, Newfoundland and Labrador Hydro. We are undertaking activities to move the corporation towards an efficient utility that better serves the people of the Province.”
Honourable Andrew Parsons
Minister of Industry, Energy and Technology

“I want the people of the province and our stakeholders to know that we have heard loud and clear that changes are required. Our employees will work hard to be the people’s utility that you can count on – providing safe, cost-effective, reliable electricity while harnessing energy opportunities.”
Jennifer Williams, President and CEO
Newfoundland and Labrador Hydro

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Learn more
Rate Mitigation Options and Impacts Muskrat Falls Project 

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Media contact
Meghan McCabe
Office of the Premier
709-729-3960
meghanmccabe@gov.nl.ca

Eric Humber
Industry, Energy and Technology
709-729-5777, 725-9655
erichumber@gov.nl.ca

2021 06 23 12:05 pm