Prime Minister Mark Carney greets Innu Nation Grand Chief Jodie Ashini in St. John’s, NL on Aug. 17, 2026, during the announcement of a new deal for Churchill Falls. Photo by Kyle Mooney/The TelegramArticle content“This is a bright day for our province,” Newfoundland and Labrador Premier Tony Wakeham told the roughly 150 spectators gathered at the St. John’s Port Authority on Monday, Aug. 17, 2026 for the announcement of a new Churchill Falls deal between Hydro Quebec and NL Hydro, with involvement of the Canadian Government.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY.Subscribe now to access this story and more:Unlimited access to the website and appExclusive access to premium content, newsletters and podcastsFull access to the e-Edition app, an electronic replica of the print edition that you can share, download and comment onEnjoy insights and behind-the-scenes analysis from our award-winning journalistsSupport local journalists and the next generation of journalistsSUBSCRIBE TO UNLOCK MORE ARTICLES.Subscribe or sign in to your account to continue your reading experience.Unlimited access to the website and appExclusive access to premium content, newsletters and podcastsFull access to the e-Edition app, an electronic replica of the print edition that you can share, download and comment onEnjoy insights and behind-the-scenes analysis from our award-winning journalistsSupport local journalists and the next generation of journalistsRegister to unlock more articles.Create an account or sign in to continue your reading experience.Access additional stories every monthShare your thoughts and join the conversation in our commenting communityGet email updates from your favourite authorsSign In or Create an AccountorArticle contentThe new deal, which replaces the Memorandum of Understanding (MOU) signed in 2024 by former premier Andrew Furey and then-Quebec premier François Legault, will bring $273 billion to the provincial coffers, Wakeham said. He called the deal a “win-win-win.”Article contentArticle contentArticle contentWakeham said the agreement signed Monday at St. John’s harbour by himself, Quebec Premier Christine Fréchette and Prime Minister Mark Carney will make Newfoundland and Labrador “a province where people want to live, not leave.”Article content“We’ve finally escaped the shadow of the 1969 Churchill Falls agreement,” he said.Article content Prime Minister Mark Carney (right) speaks at an announcement for a new deal on the Churchill Falls and Gull Island hydro-electric projects Aug. 17, 2026. At left is Newfoundland and Labrador Premier Tony Wakeham. Photo by Keith Gosse/The TelegramArticle contentGOOD FOR QUEBECArticle contentFréchette also celebrated the new deal, which she said aims to double Quebec’s energy capacity in NL by 2050.Article contentThe deal will see upgrades to the existing Churchill Falls generating station, a new hydroelectric facility at Gull Island, and a 2000-MW onshore windfarm, resulting in an overall output of 14,000 MW. These upgrades, Fréchette said, will allow the utility to maintain “the lowest residential electricity rates in North America.”Article content“That’s phenomenal,” she gushed.Article contentMAJOR DEALArticle contentCarney, who shared the podium with Wakeham and Fréchette, said that, once complete, the Churchill Falls megaproject will be the hydroelectric equivalent of “18 Hoover Dams,” enough to heat and light every home in Montreal, Toronto and Vancouver combined.Article contentArticle contentCarney said the $70 billion required for the project represents “the largest single investment in Canada’s history.” He expects the project will create 23,000 well-paying jobs during construction alone.Article content‘MANY IMPROVEMENTS’Article contentJerome Kennedy, one of three members of Wakeham’s Independent Review Committee that critiqued the 2024 Churchill Falls MOU, said he was “very satisfied” with the new agreement.Article contentThe St. John’s lawyer, and former MHA and cabinet minister under premiers Danny Williams’ and Kathy Dunderdale’s PC governments, cited the increased value for Newfoundland and Labrador (up to $49 billion from the 2024 MOU’s $36 billion) and the 760 MW of additional electricity the new agreement allocates to the province among its standout features.Article contentKennedy also heralded the optionality mechanism contained in the new deal that allows Newfoundland and Labrador to sell any of its own excess power to Hydro Quebec at 150 per cent price premium above market price.
A ‘win-win-win’ agreement: politicians, others speak to new Churchill Falls deal
