Latest news with #EnergyN.L.
Yahoo
6 days ago
- Business
- Yahoo
Quebec, Newfoundland energy touts Canadian independence to Trump: Hydro‑Québec CEO
ST. JOHN'S — The chief executive of Hydro‑Québec says a sweeping new energy deal with Newfoundland and Labrador Hydro is a signal to the United States that Canada can get "big things done." Michael Sabia was in St. John's, N.L., Tuesday, where he pitched the draft deal as a turning point in Quebec's relationship with Newfoundland and Labrador, and a step toward Canada becoming an "energy superpower." "Let's be clear: Canada is under threat," Sabia told a room full of representatives from Newfoundland and Labrador's energy industry. "This is a time of real economic and political uncertainty. It's a time when Canadians need to work together to build the future," he said. "Ultimately, that's what this deal is about. It's about building now to secure Canada's energy future." Sabia was speaking to the crowd at a conference held by Energy N.L., Newfoundland and Labrador's energy industry association. He was joined on stage by Jennifer Williams, president and chief executive of Newfoundland and Labrador Hydro. The two discussed an agreement in principle announced last year that would end a contract signed in 1969 that allows Hydro‑Québec to buy the lion's share of the energy from the Churchill Falls hydroelectric plant at prices far below market value. The contract has long been a source of bitterness in Canada's easternmost province. The new arrangement would end the contentious deal 16 years early and see Hydro‑Québec pay for more power while developing new projects with Newfoundland and Labrador Hydro along the Churchill River. Newfoundland and Labrador would also get more power from Churchill Falls. The memorandum of understanding has its critics. The Opposition Progressive Conservatives have been uneasy with the draft deal, demanding the Liberal government have it independently reviewed. The party also called for a halt to ongoing negotiations of final contracts, saying a proposed national energy corridor could bring better opportunities. Some in Newfoundland and Labrador have also wondered if Hydro‑Québec can be trusted and whether the province will truly get enough value for its resources. "Show me a deal where there hasn't ever been skeptics," Williams challenged when asked about those who have criticisms. Sabia addressed the tangled history of the provinces several times, and said repeatedly that the new arrangement was "balanced" and served the needs of both Newfoundland and Labrador and Quebec. Both sides made concessions, he said, adding that the deal contained items neither side wanted. He refused to elaborate on what those were. Sabia said the agreement is the "single most important signal we can send to the United States right now," as long as it goes ahead as planned. Williams agreed the proposed projects need to proceed smoothly and quickly, repeating "rigour and speed are not incompatible." Both said they were heartened by signs from Prime Minister Mark Carney that he would speed up project approvals. Williams touted the deal's promised economic benefits, which includes $17 billion in revenue to the provincial treasury by 2041. Newfoundland and Labrador expects to be carrying a net debt of $19.4 billion by the end of the current fiscal year. "We have to take this opportunity now," Williams told reporters after the event. "If we don't, something this momentous may not come again for a very long time, and who will we have to blame? We have got to take this moment on." Officials hope to have final agreements hammered out next year. In the meantime, preliminary topographic and soil studies are expected to begin in Labrador this summer, Sabia said. This report by The Canadian Press was first published June 3, 2025. The Canadian Press
Yahoo
7 days ago
- Business
- Yahoo
Newfoundland's offshore natural gas assessment results a 'significant milestone,' says minister
A new assessment of natural gas off Newfoundland's coast shows economic promise, says Energy Minister Steve Crocker. On Monday, the provincial government released its natural gas resources assessments, which suggests natural gas resources in the Jeanne d'Arc Basin range from 8.1 to 11.3 trillion cubic feet (tcf), with a best estimate of 9.7 tcf. Crocker calls the report a "significant milestone," and one that highlights "a promising new chapter in our energy future." "This assessment is more than just a technical document," Crocker told reporters. "It is a strategic tool that helps us understand how our offshore natural gas resource can drive economic growth and support the global transition to net zero emissions." Crocker said the data gathered will help investors make informed decisions. The province earmarked $4.7 million in the 2023 budget for the assessment. Crocker said the province focused on the Jeanne d'Arc Basic because it has existing infrastructure, shallow waters and a service community. The province will also inject $1 million for the next phase of the project, which includes further evaluations in the area. Crocker couldn't provide a timeline for when natural gas could be extracted, saying that would be up to the companies. "We'll put the information out there and hope to see that investment. Obviously that's something that'll come later as companies now have an opportunity to see this proven resource," he Crocker. He said the provincial government has to draft a royalty regime and will be consulting with companies to get feedback. "This will be done and invested and developed with the best interest of Newfoundlanders and Labradorians," Crocker said. Charlene Johnson, CEO of Energy N.L., says the assessment is a positive step for the sector. "We already offer the world a lower carbon form of energy, our offshore oil, and now we prepare to move forward with the possibility of providing another energy source — natural gas — that is in high demand internationally," she said. Energy N.L members have wanted to see the natural gas sector developed for years, Johnson said. "A lot of the focus has been on oil here, and that is still a key focus. But as the world needs natural gas, it's great that we've now turned our attention to that," she said. Roger Grimes, chair of the newly renamed Canada-Newfoundland and Labrador Offshore Energy Regulator, says he's looking forward to increased activity in the energy sector. He said as the industry regulator, natural gas will face similar scrutiny as other projects. "As the regulator, we focus primarily on safety first. Everything that's ever approved offshore, the number one priority is is it safe," Grimes said. "There's always the environmental considerations. Have all of the environmental issues been addressed and mitigated?" Download our free CBC News app to sign up for push alerts for CBC Newfoundland and Labrador. Sign up for our daily headlines newsletter here. Click here to visit our landing page.
Toronto Star
25-04-2025
- Business
- Toronto Star
Newfoundland and Labrador offshore oil industry hoping election brings sea change
ST. JOHN'S - Members of Newfoundland and Labrador's offshore oil industry are hoping a new federal government focused on Canadian economic sovereignty will reignite a sector they say has been stymied by unfavourable policy. Charlene Johnson, chief executive of the sector's industry association, Energy N.L., says policies from the Liberal government under former prime minister Justin Trudeau have had a chilling effect on oil and gas development in the province.
Winnipeg Free Press
25-04-2025
- Business
- Winnipeg Free Press
Newfoundland and Labrador offshore oil industry hoping election brings sea change
ST. JOHN'S – Members of Newfoundland and Labrador's offshore oil industry are hoping a new federal government focused on Canadian economic sovereignty will reignite a sector they say has been stymied by unfavourable policy. Charlene Johnson, chief executive of the sector's industry association, Energy N.L., says policies from the Liberal government under former prime minister Justin Trudeau have had a chilling effect on oil and gas development in the province. However, she says energy security is now top of mind for Canadians as trade tensions persist with United States President Donald Trump, and there are untapped oil and gas resources in Newfoundland and Labrador. Johnson sent a letter to the three major parties asking for their stance on issues such as proposed legislation that would force oil and gas companies to slash their greenhouse gas emissions. She got a response from two parties: the NDP, whose answers focused on renewable energy, and the Conservatives, who vowed to scrap the proposed emission rules and shorten approval times. Johnson says she was disappointed that the Liberals didn't respond, but she's been encouraged by comments from party leader Mark Carney that suggest his approach to oil and gas will be different from his predecessor's. During Elections Get campaign news, insight, analysis and commentary delivered to your inbox during Canada's 2025 election. Industry consultant Rob Strong was blunt, saying the positions and policies of Steven Guilbeault — Trudeau's environment minister — and Natural Resources Minister Jonathan Wilkinson have got to go. This story by The Canadian Press was first published on April 25, 2025.
Yahoo
25-04-2025
- Business
- Yahoo
Newfoundland and Labrador offshore oil industry hoping election brings sea change
ST. JOHN'S — Members of Newfoundland and Labrador's offshore oil industry are hoping a new federal government focused on Canadian economic sovereignty will reignite a sector they say has been stymied by unfavourable policy. Charlene Johnson, chief executive of the sector's industry association, Energy N.L., says policies from the Liberal government under former prime minister Justin Trudeau have had a chilling effect on oil and gas development in the province. However, she says energy security is now top of mind for Canadians as trade tensions persist with United States President Donald Trump, and there are untapped oil and gas resources in Newfoundland and Labrador. Johnson sent a letter to the three major parties asking for their stance on issues such as proposed legislation that would force oil and gas companies to slash their greenhouse gas emissions. She got a response from two parties: the NDP, whose answers focused on renewable energy, and the Conservatives, who vowed to scrap the proposed emission rules and shorten approval times. Johnson says she was disappointed that the Liberals didn't respond, but she's been encouraged by comments from party leader Mark Carney that suggest his approach to oil and gas will be different from his predecessor's. Industry consultant Rob Strong was blunt, saying the positions and policies of Steven Guilbeault — Trudeau's environment minister — and Natural Resources Minister Jonathan Wilkinson have got to go. This story by The Canadian Press was first published on April 25, 2025. The Canadian Press
