Costs skyrocket for Muskrat Falls project

The new CEO of Nalcor Energy says that the Muskrat Falls power project was not the right choice for addressing Newfoundland and Labrador’s energy needs.

According to an article from the CBC, Stan Marshall has acknowledged that the project is a boondoggle, and that extensive work needs to be done to keep energy costs down in the years ahead.

In the four years since the project was approved, the cost has skyrocketed to $11.4 billion, almost $4 billion higher than what was originally approved.

Marshall admitted that a number of factors have caused the rising costs and project delays, with the station now set to open two years later than originally planned.

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