00:00:00.000Well, guess what? We were about to leave St. John's and Christine Fajette showed up.0.93
00:00:05.020Tony Wakeham, of course, is here, the Premier of Newfoundland.
00:00:08.160And Mark Carney, Prime Minister Mark Carney, showed up and announced a 14,000 megawatt new transmission center on Church Hill Falls.
00:00:19.180Now, what does that mean? That means roughly more power than 18 Hoover dams.
00:00:24.440This is a $70 billion project. It's going to take place over 50 years.
00:00:29.100And what does it do for Newfoundland? Well, right now, what we know is under the 1969 agreement, they basically get paid 0.2 cents a kilowatt.
00:00:38.780They're going to go up to nine times that, 1.8 cents a kilowatt in 2027, all the way up to 7.4 cents a kilowatt.
00:00:49.060So a big increase for the province, which is good news.
00:00:52.840Now, the thing we don't know, this is a non-binding tentative agreement.
00:00:56.440This takes place. The negotiations keep taking place. And quite frankly, the cost overruns, where who's going to bear what cost, how the payback is going to happen.
00:01:08.000We do know that right now it's going to be classified under the large major projects that the federal government has on their books.
00:01:16.740So this is technically becoming a major project, which is good news for the province and good news for Quebec.
00:01:22.520But we still have details to work out, and the Prime Minister just announced that the federal government's going to put $10 billion into this project.