As Quebec readies to renegotiate a new Churchill Falls agreement, Hydro-Qu\u00e9bec CEO Claudine Bouchard recalled Wednesday that the utility\u2019s main goal is ensuring the province\u2019s energy security.<\/p>\n
Speaking one day after the Newfoundland and Labrador government announced it wants to rework a tentative agreement<\/a> from 2024, Bouchard noted how crucial the deal is to Quebec.<\/p>\n The Churchill Falls complex allows Hydro-Qu\u00e9bec to cover 15 per cent of its energy needs and accounts for a third of its profits. The original agreement, signed in 1969, expires in 2041.<\/p>\n \u201cThe year 2041 may seem far off, but in terms of energy, it\u2019s just around the corner,\u201d Bouchard told reporters Wednesday, adding she\u2019s confident a new deal can be reached.<\/p>\n \u201cWe have an opportunity before us to negotiate a balanced contract\u00a0\u2026 which will allow us to secure energy from Churchill Falls beyond 2041 and, above all, to build a new power plant near Gull Island to increase Quebec\u2019s overall production capacity.\u201d<\/p>\n The initial, contentious 1969 deal was set to be replaced after the two provinces reached a new agreement in principle in 2024<\/a> that promised to guarantee Quebec low-cost hydroelectric power for the next 50 years.<\/p>\n After a change of government last year, however, N.L. Premier Tony Wakeham announced Tuesday he wants to renegotiate a new deal with more favourable terms for the province.<\/p>\n