Natural Resources
May 11, 2015

The following statement was given today in the House of Assembly by the Honourable Derrick Dalley, Minister of Natural Resources:

Provincial Government Releases Energy Plan Progress Report

Mr. Speaker, I rise in this Honourable House to highlight the Energy Plan Progress Report, which I will table in the House of Assembly and make public on our website today.

This report provides an update on the most comprehensive energy plan in our province’s history and highlights the progress in matching our plan with the development of our energy resources.

By leading the way in oil and gas exploration and development, we are ensuring Newfoundlanders and Labradorians are getting jobs and contracts, so they can give back to the communities in which they live. We have secured equity stakes in offshore projects, invested in geoscience, and developed a new land tenure regime to facilitate exploration and increase the province’s competitiveness.

Mandated by the people of Newfoundland and Labrador, we created Nalcor Energy to manage energy projects on our behalf, to position the province as a global player in the resource sector, and to bring long-term revenue to the province. Over a total investment period of 10 years, the Provincial Government will have invested $3.1 billion in Nalcor. Every penny of that money will be returned to the province by 2025-26. From that time on, the dividends continue to increase for Newfoundlanders and Labradorians.

Through legislation, we enabled the issuance of water rights to Nalcor on the Lower Churchill River, starting at Muskrat Falls which is now in its third year of construction. We are also building a long overdue link to North America’s grid that will give us the ability to export power to markets and will greatly enhance our grid reliability.

We are investing capital in the Upper Churchill facility now to ensure it is in good condition when the province is in the position to receive the full benefit of power in 2041.

We have invested in energy efficiency and taken steps to tackle climate change. And, we are shaping a culture that understands how to embrace an opportunity, negotiate globally, and achieve prosperity.

Mr. Speaker, I would like to recognize the efforts of the many departments and agencies which have been involved in the implementation of the Energy Plan, including the departments of Natural Resources, Advanced Education and Skills, Environment and Conservation, and the Office of Climate Change and Energy Efficiency.

Our government has built a solid foundation for the development of our energy resources. Because of this foundation, the potential has never been better to partner on many promising energy projects, including the development of Bay du Nord; hydro sites such as Round Pond, Island Pond and Portland Creek; unlimited onshore and offshore wind resources; and energy conservation initiatives. Our Energy Plan was designed to give Newfoundlanders and Labradorians a real opportunity to be masters of their own destiny. Mr. Speaker we are well on our way – and we know the future holds great promise!

Thank you.

2015 05 11                              1:45 p.m.