Latest news with #HydroQuébec
Globe and Mail
an hour ago
- Business
- Globe and Mail
Quebec and Newfoundland's new energy deal sends strong message to U.S., Hydro‑Québec CEO says
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.
CBC
4 days ago
- Business
- CBC
Tarquti Energy Corporation to develop wind energy for 2 Nunavik communities
Tarquti Energy Corporation will develop the project. Energy produced by the turbines will be sold to Hydro-Québec, who will then sell electricity to building owners in the communities.
CTV News
4 days ago
- Business
- CTV News
Some TMR business owners say Hydro-Québec construction is hurting their livelihoods
A Hydro-Québec construction project in TMR is drawing frustration from some local business owners who say they were given little notice and are now struggling. A major Hydro-Québec construction project in the Town of Mount Royal (TMR) is drawing frustration from some local business owners who say they were given little notice and are now struggling to stay afloat. Crews have been digging and blocking streets since late April to install an underground transmission line along Jean-Talon West and Lucerne Road. While the Crown corporation says the work is essential to meet growing energy demands on the island of Montreal, business owners like Amit Bachar of Details Car Wash say it's left them with no clear way out. 'I've lost half my revenue already,' said Bachar, who's been operating the Jean-Talon West car wash for 18 years. 'On a sunny day like today, there would normally be 15 cars lined up. But now there's no one because customers can't even access my business.' The project, expected to continue through early September, has severely limited traffic on Lucerne Road, which is the main access point for Bachar's car wash. While one lane remains open for southbound traffic, the northbound route is entirely closed. That means drivers must take a detour just to get in. 'Cars can't come in from Jean-Talon like they usually do,' he said. Bachar says the situation has already forced him to cut employee hours. 'I'm trying to help them as much as I can, but I don't have unlimited money,' he said. 'This business is like my baby. Everything I've built over the past 18 years—Hydro-Québec could undo it in weeks.' A stone's throw away, Shalom Grunwald runs District Bagel. He said the disruption only began affecting him in recent days, but business has already slowed. 'Usually, when the weather is like this, our patio and inside would be full,' Grunwald said. 'Now, it's barely just a few people walking in.' He blames what he sees as poor planning and a lack of communication from Hydro-Québec. 'There's a detour, but it adds 15 to 20 minutes if you're driving,' Grunwald said. 'For a sandwich? Most people will just go somewhere else.' Both Grunwald and Bachar said they were only informed of the multi-month construction about two weeks before it began. Bachar described his calls to Hydro-Québec as frustrating, claiming he was told to hire a lawyer if he wanted help. 'So instead of supporting us, they're telling us to get into legal battles?' he said. 'I can't fight the government. They have all the money and we're just small business owners trying to survive.' In a statement to CTV News, Hydro-Québec spokesperson Jonathan Côté said excavation and paving near the intersection of Lucerne and Jean-Talon should be completed by June 6, with the full project wrapping up by Sept. 5. 'These are major works that will be completed in full by the end of summer,' Côté wrote, adding that specific efforts were made to limit disruption for local merchants. Those measures include installing bypass roads, signage, flaggers during work hours, and even a police presence during rush hour. Côté said plans were shared with affected business owners in advance and that the corporation held individual meetings with merchants. However, Hydro-Québec stated that financial compensation would not be provided in this case. The spokesperson said that's due to the work serving a public utility need, construction happening on public roads and mitigation efforts. That's cold comfort for Bachar. 'We pay taxes, we work seven days a week and we give everything to make our businesses work,' he said. 'Then they come in and destroy it all for a project—and don't even try to help. How can they look at people here suffering and just ignore it?' He says he's speaking out not just for himself but for other small business owners across Montreal facing similar situations. 'I'm sure there are hundreds of people in this position,' Bachar said. 'Hydro-Québec does whatever it wants, and it's not fair to the citizens.'
CBC
22-05-2025
- Business
- CBC
Quebec plans to shift costs of agreements with Indigenous people to Hydro clients
The Legault government wants Hydro-Québec customers to assume the costs of "reconciliation" agreements signed with First Nations people and Inuit, preventing Quebec from losing dividends it receives from the Crown corporation. Economy Minister Christine Fréchette presented the idea on Wednesday during the study of Bill 69, which lays the foundation for an integrated energy resources management plan. Two weeks before the end of the parliamentary session, she tabled a total of 52 amendments to her predecessor Pierre Fitzgibbon's bill, which contains 157 clauses. Opposition parties were surprised because the idea to socialize the costs of agreements with Indigenous peoples is unusual. Liberal energy critic Gregory Kelley called the amendment a major change, saying "we've always used Hydro-Québec dividends." "If we change this model and the consumer assumes the costs of signing agreements with Indigenous communities, I worry this could create some tension," he said. Liberal MNA Brigitte Garceau asked on Wednesday who had been consulted in preparation for the amendments. Discussions were held within the government and with Hydro-Québec, according to Fréchette. Pascal Paradis, Parti Québécois energy critic, said the practice would go against current rules by Quebec's energy regulator, the Régie de l'énergie. The Régie does not allow for costs linked to electricity production to be integrated into the calculation of customer distribution rates. Fréchette explained that the goal was to "smooth out over [50 years]" the cost of the agreements" so the impact would not be as great in a year when there are many agreements compared to a year when there are fewer or none at all. "We want to increase the number of partnerships that we have with First Nations people" and "most of the agreements we're talking about are still to come," she said. Already more than $60M in agreements Fréchette gave examples of two agreements reached in April and May 2024. The first one signed by Hydro-Québec with the Conseil des Innus d'Unamen Shipu aims to settle disputes related to the construction of the Lac-Robertson Generating Station on the North Shore and provides for a payment of $32 million over 23 years. The second agreement, reached between the Crown corporation and the Conseil des Innus de Pakua Shipi, stems from discussions on the Lac-Robertson complex. It provides for a payment of $28 million over 23 years. Relationships with Indigenous people are central to Hydro-Québec's action plan to increase the number of energy projects in the coming years, since most of the projects are located on their territories. Paradis said that the "debate is not about the merits of the agreements" but about what is considered in distribution rates. He said he can't imagine including "past agreements for facilities built a very long time ago." "Lac-Robertson should not have any influence over the rate that Ms. Nadeau of Gatineau will have to pay," he said. Paradis proposed removing that calculation from the amendment, but Fréchette asked for the discussion to be postponed until Thursday. Haroun Bouazzi, Québec Solidaire energy critic, also expressed his surprise at the number of amendments Fréchette tabled. He added that not everyone has had the chance to comment on the changes she made.
Globe and Mail
15-05-2025
- Business
- Globe and Mail
La Société de projet BVH1, s.e.n.c. Announces a $960 Million Financing for Des Neiges – Secteur sud Wind Project
LA CÔTE-DE-BEAUPRÉ, Quebec, May 15, 2025 (GLOBE NEWSWIRE) -- La Société de projet BVH1, s.e.n.c., consisting of affiliates of each of Boralex Inc, Énergir Développement Inc and Hydro-Québec, is proud to announce having put in place a $960 million financing for the 400 MW Des Neiges - Secteur sud wind power project, currently under construction on the private lands of Seigneurie de Beaupré. This project has the potential to be a major boost to Côte-de-Beaupré's economic development and to contribute to Québec's economic and climate resilience. It represents an investment of around $1 billion, and is projected to employ a total of around 500 people during the construction phase, in addition to creating some fifteen jobs during the operation and maintenance phases. Additionally, more than $80 million is expected to be distributed among the host communities, exclusively for the Secteur sud project. 'I would like to salute the outstanding collaboration with our partners Énergir and Hydro-Québec in the realization of this vital project for Québec,' said Hugues Girardin, Executive Vice President and General Manager, North America, Boralex. 'We've been fortunate enough to successfully develop and operate wind farms on the Seigneurie de Beaupré for nearly 15 years. It's the strength of this partnership that will enable us to bring the Des Neiges - Secteur sud project to fruition, thereby contributing to the province's energy independence and sustainable economic growth.' 'The financing of the Des Neiges - Secteur sud wind power project is a testament to Energir's commitment to diversifying our energy portfolio,' said Jean-François Jaimes, Executive Director of Renewable Energy & LNG Development, Énergir. "This project, driven by a collaboration between Quebec players, illustrates our shared desire to develop renewable energy solutions to meet the needs of our communities. We are proud to be part of it, and grateful to our partners, whose trust has enabled us to move forward." 'Hydro-Québec is pleased to announce alongside its partners this important milestone in the development of the Seigneurie de Beaupré wind farms,' said Mathieu Johnson, Senior Vice President, Wind Power, R&D and Energy Trading. 'We are moving forward with our ambition to reach an additional 10,000 MW of wind power capacity by 2035, helping to secure a clean and prosperous energy future for Québec.' Financial Highlights The Des Neiges – Secteur sud project financing includes: A $733 million construction loan, which will convert to a term loan following the start of deliveries of electricity, scheduled for the fourth quarter of 2026; A $170 million bridge loan, allowing the financing of the refund to be received for the switchyard. This short-term facility will reduce the amount of equity capital allocated to the project in the short term and thus optimizing the overall capital structure required for the project. A $57 million guarantees facility. The Desjardins Group serves as Administrative Agent for this financing. Next Steps The general contractor, Borea Construction, has been mobilized on site for preliminary work since December 2024. Borea will then collaborate with Québec companies and suppliers for the bulk of the site work, which is scheduled to begin more formally in the coming months. Once operational, the project's 57 wind turbines are expected to generate 1.2 TWh per year, equivalent to the energy consumed annually by around 70,000 homes or 325,000 electric vehicles on Québec roads. The Des Neiges - Secteur sud wind project is the first of three potential 400 MW wind power projects on Seigneurie de Beaupré private lands. Caution Regarding Forward-Looking Statements Some of the statements contained in this press release, including, without limitation, those regarding the economic impact of the project and monetary contributions proposed to host communities, the employment opportunities to be created by the project, the start date of site work and electricity deliveries, and the amount of power to be delivered by the project, are forward-looking statements based on current expectations, within the meaning of securities legislation. Boralex would like to point out that, by their very nature, forward looking statements involve risks and uncertainties such that its results or the measure it adopts could differ materially from those indicated by or underlying these statements or could have an impact on the degree of realization of a particular forward-looking statement. Unless otherwise specified by Boralex, the forward-looking statements do not take into account the possible impact on its activities, transactions, non-recurring items or other exceptional items announced or occurring after the statements are made. There can be no assurance as to the materialization of the results, performance or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, Boralex management does not assume any obligation to update or revise forward-looking statements to reflect new information, future events, or other changes. About La Société de projet BVH1, s.e.n.c. Société de projet BVH1, s.e.n.c. is a corporation created jointly by Boralex Inc. Énergir Développement Inc. and Hydro-Québec, through affiliated companies, for the development and operation of the Des Neiges - Secteur sud wind power project. The project will be located entirely on Seigneurie de Beaupré land, on the unorganized Lac-Jacques-Cartier territory in the La Côte-de-Beaupré RCM, and will have a total capacity of 400 MW. For more information
