Quebec and Newfoundland and Labrador have announced an agreement in principle that would overhaul the contentious Churchill Falls energy deal. Hydro-Québec President and CEO Michael Sabia calls it a balanced deal that benefits both provinces, securing low-cost energy for Quebec at a price that is more beneficial to the Atlantic province compared to the previous 1969 deal. Here are some of the details of the proposed pact: What’s in the new deal? Quebec secures electricity from the Churchill Falls plant into the future at a fairer price for Newfoundland and Labrador. Hydro-Québec says the Atlantic province currently receives about $100 million yearly and that will rise to $1 billion. A major part of the deal will have Hydro-Québec will pursue new developments, notably Gull Island, a 2,250-megawatt project targeted to…
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