MOU Review to be released today

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 will be released.

At 12:30 p.m., Premier Tony Wakeham and Minister Lloyd Parrott will hold a news conference to discuss the report.

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.