Newfoundland to expropriate some AbitibiBowater assets

subscribe

The Canadian province of Newfoundland and Labrador is moving to expropriate some assets owned by AbitibiBowater Inc., the worldÂ’s largest newsprint maker.

The provincial government will acquire the companyÂ’s ownership of hydro-electricity rights from the generating station at Star Lake, in addition to rights to harvest timber on government land, the news agency said, citing a statement today from Premier Danny Williams.

Assets to be expropriated do not include AbitibiBowaterÂ’s newsprint mill in Grand Falls-Windsor, Newfoundland.

Montreal-based AbitibiBowater announced December 4 it would close the mill, part of a plan to reduce costs as North American demand for newsprint declines.

Related News

melting globe

Climate change poses high credit risks for nuclear power plants: Moody's

WASHINGTON -  

Climate change can affect every aspect of nuclear plant operations like fuel handling, power and steam generation, maintenance, safety systems and waste processing, the credit rating agency said.

However, the ultimate credit impact will depend upon the ability of plant operators to invest in mitigating measures to manage these risks, it added.
Close proximity to large water bodies increase the risk of damage to plant equipment that helps ensure safe operation, the agency said in a note.

Moody’s noted that about 37 gigawatts (GW) of U.S. nuclear capacity is expected to have elevated exposure to flood risk and 48 GW…

READ MORE
winter in dallas

Electricity retailer Griddy's unusual plea to Texas customers: Leave now before you get a big bill

READ MORE

coronavirus

BC Hydro launches program to help coronavirus-affected customers with their bills

READ MORE

wind power

Wind turbine firms close Spanish factories as Coronavirus restrictions tighten

READ MORE

rio-tinto-mine

Rio Tinto seeking solutions that transform heat from underground mines into electricity

READ MORE