Government Moves to Finalize Legal Merger of Nalcor and NL Hydro

Minister of Industry, Energy and Technology Andrew Parsons outlined a new proposed Newfoundland and Labrador Hydro Act for second reading in the House of Assembly to complete the legal merger of Nalcor Energy into Newfoundland and Labrador Hydro.

The proposed Act finalizes the legal merger of Nalcor Energy with Newfoundland and Labrador Hydro. It will ensure all Nalcor and Hydro assets, liabilities, obligations and agreements will continue under the new Hydro.

It provides for continuation of employment of Nalcor’s and Hydro’s bargaining and non-bargaining employees with Hydro, binds the new corporation to any already signed contracts, agreements, and confirms continuation of any security or guarantee provided by the Provincial Government to Nalcor with Hydro.

Nalcor’s and Hydro’s assets, liabilities, obligations and agreements will continue under the new Hydro and all Nalcor subsidiaries will be Hydro subsidiaries.