The federal government is finalizing a multi-billion-dollar agreement with Newfoundland and Labrador to financially restructure the over-budget and behind-schedule Muskrat Falls hydroelectric project, CBC News has learned. Project costs have doubledThen-premier Danny Williams pitched Muskrat Falls in 2010 as a green energy option to replace the province's largest oil-burning power generation facility and meet future demand. (Terry Roberts/CBC)Finding a way to limit the damage done by Muskrat Falls is one of the most pressing political issues facing Newfoundland and Labrador. Last year, the federal government helped Newfoundland and Labrador manage the rising cost of Muskrat Falls by temporarily waiving debt and financing charges. At the time, Muskrat Falls was projected to cost $7 billion.

Source: CBC News July 27, 2021 20:30 UTC