Premier announces appointment of Newfoundland and Labrador Hydro CEO

Premier Danny Williams, along with Minister of Natural Resources Ed Byrne and chair of Newfoundland and Labrador Hydro Board of Directors Dean MacDonald, announced today that Ed Martin has been appointed CEO and President of Hydro and CF(L)Co.

�I am pleased to welcome Mr. Martin to this critical position within an organization that will play a key role in optimizing future opportunities for Newfoundland and Labrador,� said Premier Williams. �As we move forward on significant files such as the potential development of the Lower Churchill, Mr. Martin will play a pivotal role in ensuring we achieve maximum benefits for Newfoundlanders and Labradorians. I am confident that his extensive expertise on energy and resource issues will contribute significantly to assisting government implement the Energy Plan once it has been developed. The Energy Plan will provide a roadmap of the major directions and policies to guide government�s management of that sector so the returns to the people of this province from their energy resources are maximized.�

�We are very pleased to have Mr. Martin lead the corporation,� said Minister Byrne. �His strong background in the petroleum sector will provide the leadership and expertise which Hydro requires as it takes on a new role to support the development of our growing energy sector.�

Mr. MacDonald indicated the board of director�s full endorsement of Mr. Martin and joined the premier and minister in welcoming him to Hydro. �This is a time of tremendous opportunity and transition at Hydro,� said Mr. MacDonald. �We expect Mr. Martin will be instrumental in leading the corporation as we embark on a new, expanded mandate over the coming years and we pursue the development of the Lower Churchill hydro project.�

As announced by Premier Williams in September 2004, Hydro�s Board of Directors engaged in a national search for a candidate to lead the company in its expanded mandate. Mr. Martin replaces Bill Wells, who retired from Hydro in June after nine years at the corporation. He is expected to assume the role of CEO and President in August.

Premier Williams thanked Bill Wells for his years of service with Hydro. �Bill Wells has provided exemplary service to his province over the years, including his extensive tenure with Newfoundland and Labrador Hydro,� said the premier. �On behalf of the people of the province, I offer sincere thanks to Mr. Wells for his dedication, professionalism and commitment, and wish him all the very best in the future.�

Mr. Martin�s appointment will become effective when he assumes his new position in mid- August.

Biography

Ed Martin
In his most recent position as manager, Petro-Canada Joint Ventures and New Developments, Mr. Martin was responsible for Petro-Canada�s interests in Hibernia, White Rose, Hebron, New Developments (including natural gas), Acquisitions, Tankers, and Transshipment Terminal. Prior to that he spent nine years with the Hibernia Management and Development Company and over 10 years with Mobil Oil in Halifax, Calgary and St. John�s.

A graduate of Memorial University�s School of Business Administration, Mr. Martin completed his MBA at the University of Calgary. He is active in the community, holding positions on the advisory board at the MUN School of Business and the Health Care Foundation of St. John�s Board.


Media contact:

Elizabeth Matthews, Office of the Premier, (709) 729-3960, 690-5500
Carmel Turpin, Natural Resources, (709) 729-5282, 685-4624
Dawn Dalley, ddalley@nlh.nf.ca, Manager, Corporate Affairs and Communications, (709) 737-1315, 727-7715

2005 07 22                   11:00 a.m.