MOU Review released to the public

Today, the long-awaited Independent Review Committee report respecting the Memorandum of Understanding for a New Long-Term Energy Purchase and Development Initiative Between Newfoundland and Labrador Hydro and Hydro-Québec was released.

Premier Tony Wakeham and Minister Lloyd Parrott held a news conference to discuss the report.

Government says the MOU in its current form is not in the best interest of the province.

The committee also raised concerns about how the negotiations were conducted.

The committee recommended a revised agreement.

The committee will report to a new independent oversight body, which will consist of former president and CEO of Fortis Barry Perry, lawyer and former PC cabinet minister Jerome Kennedy, and president and CEO of Newfoundland and Labrador Hydro Jennifer Williams.

On December 15, 2025, the Premier announced that the province would use Part 2 of the Public Inquiries Act to launch a fully independent review process empowered to “determine whether the 2024 Memorandum of Understanding is in the best long-term interest of the people of the province.

The Memorandum of Understanding between Newfoundland and Labrador and Quebec was meant to replace the controversial 1969 Upper Churchill power contract. It was expected to deliver over $225 billion in total revenue to the province, about a billion dollars annually.