Newfoundland says Innu deal to speed hydro plans
The aboriginal group agreed to back development of the Lower Churchill Project in return for outright title to 5,000 square kilometres (1,931 square miles) of land in the Labrador region of Atlantic Canada, control and use of 22,000 sq. km of provincially owned land, and royalty payments.
The project would see two dams built on the Churchill River, which could generate 2,800 megawatts of power beginning in 2015. The electricity would be destined for markets in Eastern Canada and the U.S. Northeast.
"This signals an extremely important and significant step on the road to development of the Lower Churchill Project," Newfoundland Premier Danny Williams said in a statement. "Newfoundland and Labrador is substantially closer to finally seeing this project developed."
The Innu will receive 5 percent of the development's net revenue and $5 million annually from the time the development is given the green light until it begins producing power.
The native group will also receive $2 million a year until 2041 in compensation for an existing hydroelectric development on the upper Churchill River.
The agreement needs to be ratified by the Innu people.
Related News
Investing in a new energy economy for Montana
BILLINGS - Over the next decade, Montana ratepayers will likely invest over a billion dollars into what is now being called the new energy economy.
Not since Edison electrified a New York City neighborhood in 1882 have we had such an opportunity to rethink the way we commercially produce and consume electric energy.
Looking ahead, the modernization of Edison’s grid will lower the consumer costs, creating many thousands of permanent, well-paying jobs. It will prepare the grid for significant new loads like electric transportation, and in doing so it will reduce a major source of air pollution known to directly threaten the…
