The Canadian Press

2012-11-30 | Muskrat Falls Project

Preview Clip

Prime Minister Stephen Harper signed off on a long-awaited federal loan guarantee for the 7.4-billion-dollar Muskrat Falls hydroelectric project in Labrador. The federal backing was expected to save the governments of Newfoundland and Labrador and Nova Scotia more than one-billion dollars in borrowing costs. Harper said the agreement signed November 30th guaranteed up to 6.3-billion dollars in debt for the financing of the project for a period of 35-to-40 years. (On December 17th, Premier Kathy Dunderdale of Newfoundland and Labrador gave the green light to the Muskrat Falls hydroelectric project. Dunderdale said like the offshore oil industry, the economic benefits of the megaproject would help keep the province's people at home.)

Date: 2012-11-30
Placeline: HAPPY VALLEY-GOOSE BAY, Newfoundland and Labrador.
Source: The Canadian Press
Length: 20 seconds

Transcript Prediction: << what the federal government is doing under this agreement as I said is providing a loan guarantee at extremely low risk and frankly I think in the long-term zero cost to the taxpayers of Canada in a way that simply lowers the cost to the taxpayers to the Ordinary People of Newfoundland and Labrador >>