Natural Resources
September 29, 2015

Continuing Oversight of Province's Investment

Oversight Committee Releases Latest Report on Muskrat Falls Project

Today, the Minister of Natural Resources commented on the oversight committee's report of the Muskrat Falls Project for the period ended August 2015.

"The last report from the committee highlighted several risks to the project's budget and schedule. The committee has continued to carefully monitor these risks and has been receiving regular updates on the project from Nalcor. Since then, Nalcor has finalized the costs of the remaining major contracts and identified additional cost pressures. At this time, the impact on the project's schedule is still being assessed."
- The Honourable Derrick Dalley, Minister of Natural Resources

The budget for the Muskrat Falls Project has been revised from $6.99 billion to $7.65 billion. The committee's report is available at www.gov.nl.ca/mfoversight/pdf/report_aug_2015.pdf and includes an assessment of project costs, schedule, and risk management.

QUICK FACTS:

• Today, the Minister of Natural Resources commented on the oversight committee's report of the Muskrat Falls Project for the period ended August 2015.
• The oversight committee has been closely monitoring risks to the project budget and schedule and has been receiving regular updates on the project from Nalcor.
• Since the committee's last report, Nalcor has finalized the costs of the remaining major contracts and identified additional cost pressures resulting in a revised project budget from $6.99 billion to $7.65 billion. Impact on the project's schedule is still being assessed.
• The committee's report is available at www.gov.nl.ca/mfoversight/pdf/report_aug_2015.pdf and includes an assessment of project costs, schedule, and risk management.

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Media contact:

Diana Quinton Director of Communications Department of Natural Resources 709-729-5282, 631-8155 dianaquinton@gov.nl.ca

2015 09 29                              12:40 p.m.