Wakeham Defends Removal of 2 Per Cent Escalation Clause from New Churchill Falls Deal
Opposition members in Newfoundland and Labrador are criticizing Premier Tony Wakeham for removing a 2 per cent escalation clause from the new Churchill Falls deal. The Premier argues that the clause previously placed the province in a vulnerable financial position regarding long-term debt.
Why it matters
The deal concerns long-term energy pricing and provincial debt, impacting the economic future of the region.
The Opposition is questioning the decision to eliminate the 2 per cent escalation clause set out in the original Churchill Falls MOU.
That, according to the Liberals, means that NL loses the guarantee that the price paid to the province would rise over time.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in