A private member’s resolution in favour of the Muskrat Falls development was passed today in the House of Assembly after receiving support from the majority of members of the legislature.
A government news release states the Muskrat Falls development will secure long-term stable electricity rates for residents and business at the lowest cost possible. Electricity will be available for large-scale mining in Labrador and further industrial development in the province while securing a link to North America’s electricity grid for export opportunities.
The project will generate approximately 98 per cent of its electricity from clean renewable sources.
The Holyrood facility is 40 years old and continued use means escalating maintenance and upgrades, installation of emissions control equipment, and continued dependency on fossil fuel generation.
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Muskrat Falls will eliminate the province’s reliance on fossil fuels and volatile oil prices which contributes to an increase in electricity prices for ratepayers.
In addition, Muskrat Falls will generate significant employment and economic benefits for the people of Newfoundland and Labrador. The project will provide 9,100 person-years of direct employment including 5,800 in Labrador. The province will see 1.9 billion in income to labour and business, as well as 320 million in average income benefits per year and $290 million in taxes to the Government of Newfoundland and Labrador.