Prime Minister Mark Carney Convenes St. John's Energy Summit for Multi-Decade Hydro Accord

ST. JOHN'S, N.L. — Prime Minister Mark Carney will convene a tripartite intergovernmental energy summit in St. John's alongside Quebec and Newfoundland and Labrador leadership, advancing an historic multi-billion-dollar framework for clean hydroelectric power and regional grid integration.

The Churchill Falls Framework & Federal Co-Investment

The accord modernizes commercial terms governing the massive 5,428-megawatt Churchill Falls generating station in Labrador ahead of the expiration of the original 1969 contract. Key pillars of the federal-provincial framework include:

• Federal Clean Energy Transmission Financing: Deployment of Canada Infrastructure Bank (CIB) capital to underwrite high-voltage direct current (HVDC) transmission lines through the Quebec-Labrador corridor.
• Gull Island Hydro Expansion: Joint pre-feasibility planning to unlock up to 2,250 megawatts of additional baseload capacity on the lower Churchill River.
• Equitable Interprovincial Royalty Sharing: Restructuring power purchase agreements to provide predictable revenues for provincial healthcare and infrastructure in Atlantic Canada.

"Energy security is economic security for Canada," Prime Minister Carney stated ahead of the St. John's summit. "By uniting the hydroelectric potential of Newfoundland and Labrador with Quebec's industrial grid, we create thousands of skilled union jobs, power clean manufacturing, and secure reliable baseload electricity for generations to come."

National Decarbonization and Industrial Impact

Access to expanded clean baseload power is central to Canada's industrial strategy, providing emission-free electricity required for electric vehicle battery supply chains and domestic critical mineral processing. The agreement also provides a blueprint for resolving historic interprovincial energy disputes through cooperative federalism and shared revenue models.

Next Steps and Legislative Briefings

The tripartite memorandum of understanding will be formally signed in Montreal and St. John's on Monday, August 17, with federal ministerial briefings to follow before the House of Commons Standing Committee on Natural Resources in early autumn.