Question Period Note: Lower Churchill Projects

In February 2020, the Government of Canada agreed to negotiate a financial restructuring of the Lower Churchill projects to help the Newfoundland and Labrador mitigate cost overruns and impacts on the province’s fiscal position.

• The Lower Churchill projects are an important part of Atlantic Canada’s clean energy future.
• They will provide a reliable and abundant source of clean energy over the long-term and help the region transition from fossil fuels.
• The Government of Canada has already provided $9.2 billion in loan guarantees that are helping to lower costs for ratepayers.
• In February 2020, Canada and Newfoundland and Labrador agreed to undertake a full financial restructuring of the Lower Churchill projects to lower financing costs.
• We continue to work closely with the Government of Newfoundland and Labrador to work out the details of a permanent, long-term financial restructuring solution, with consideration to the impacts of the temporary halt to construction.
• In doing so, our government is mindful of the need to maintain key protections and safeguards for Canada.
• As guarantor, we will continue to closely monitor the Lower Churchill projects as they move forward.

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