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VOCM Late-Day Update August 17 · VOCM On Demand

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  Speaker 1: I'm Brian Madore. Details of that new Churchill Falls agreement
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  Speaker 1: have been revealed. It includes increased value to the province
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  Speaker 1: over the life of the deal, more power, a new
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  Speaker 1: wind project in Labrador, and the opportunity to sell excess
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  Speaker 1: power into the United States. The OCMS Richard Duggan has detail.
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  Speaker 2: For Newfoundland and Labrador. The net present value of the
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  Speaker 2: deal is forty nine billion dollars, a thirteen billion dollar
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  Speaker 2: increase from the twenty twenty four MoU. This province will
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  Speaker 2: get ten billion dollars in earlier cash flows prior to
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  Speaker 2: twenty forty one. Ottawa says the deal to upgrade and
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  Speaker 2: expand Churchill Falls and develop Gull Island will help build
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  Speaker 2: one of the largest electricity projects in North America. That
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  Speaker 2: will include ten billion dollars from the FEDS in total
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  Speaker 2: for the previously announced Churchill Falls upgrades, development of Gull
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  Speaker 2: Island and the associated transmission lines. A new component is
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  Speaker 2: money to look at investment opportunities with the INNU of
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  Speaker 2: Labrador for a major onshore wind project in Labrador. That
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  Speaker 2: two thousand megawap project will be developed by an independent
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  Speaker 2: power producer, with the Ottawa taking up to forty percent equity.
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  Speaker 2: The Church will Files expansion, known as CFX, has been
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  Speaker 2: removed from the new agreement. A feasibility study will be
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  Speaker 2: completed on that front, but commercial arrangements are not in place.
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  Speaker 2: This province can choose to sell up to nine hundred
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  Speaker 2: and eighty five megawatts of power at export market pricing
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  Speaker 2: to New York and Massachusetts. The deal is not yet binding.
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  Speaker 2: Final agreements are expected to be completed by the end
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  Speaker 2: of the.
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  Speaker 1: Year, and the agreement includes support for mining projects in Labrador.
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  Speaker 1: The o CM's Mahalia artists How's that angle.
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  Speaker 3: The federal government will be referring the Labrador Trough, described
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  Speaker 3: as a world class mining region, to the Major Project's Office,
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  Speaker 3: which will set up federal financing, accelerate permits, and work
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  Speaker 3: with Indigenous communities. That means funding will be made available
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  Speaker 3: for strategic pre development projects in the region, including the
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  Speaker 3: addition of a transmission line to connect mining projects in
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  Speaker 3: Labwest to the electricity grid, planning and feasibility work for
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  Speaker 3: the cami Iron Ore project near Wabush, pre construction work
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  Speaker 3: for a new transmission line and road connecting the lack
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  Speaker 3: Knife project to the Quebec power grid, and SFP Point
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  Speaker 3: Noir's project to expand critical minerals handling capacity and related infrastructure,
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  Speaker 3: which Ottawa says will strengthen a key transportation gateway for
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  Speaker 3: mining production in the Labrador Trough.
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  Speaker 1: RCMP say a seventy five year old man and a
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  Speaker 1: seventy eight year old woman were killed in a two
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  Speaker 1: vehicle crash on the Trans Canada near Southern Harbor Friday morning.
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  Speaker 1: The pair were in an suv the collided with a
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  Speaker 1: pickup just before noon. The driver of the pickup and
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  Speaker 1: his passenger were taken a hospital with serious injuries. RCMB
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  Speaker 1: say the passenger's injuries are potentially life altering. The cause
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  Speaker 1: of the collision remains under investigation. Roads were wet at
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  Speaker 1: the time. The highway was closed for an extended period,
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  Speaker 1: reopened over the supper hour and the inflation stats are out.
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  Speaker 1: Stats Canada says the annual rate of inflation accelerated to
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  Speaker 1: three percent in July. The rate in Ufoundland and Labrador
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  Speaker 1: was four point two percent, compared to three point eight
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  Speaker 1: in June. I'm bryam Adore