Former CFO Derrick Sturge told the Muskrat Falls Inquiry the project and its financing were “rock solid”. CEO Stan Marshall told us two years ago the project would “finish strong”.
Premier Dwight Ball promised “Newfoundlanders and Labradorians that they will not bear the burden of higher electricity rates or taxes as a result of Muskrat Falls. We will deliver on that promise.”
On February 25, 2020 Nalcor CEO held a press conference and took questions from the media confirming the delays which had already become well known. He did not provide a cost update on the project, which appears likely to exceed the official 2017 estimate of $12.7 billion. He repeated the statement that Nalcor would “finish strong”.