The financial manoeuvring over the Muskrat Falls project is nearing completion and the project will move ahead full speed soon.
The latest big hurdle was crossed Tuesday when Premier Kathy Dunderdale announced that the federal government had come through with its long-promised loan guarantee and $5 billion has been raised on the world markets with a low interest rate that will stay the same for 40 years.
If Nova Scotia can complete its end of the bargain, nothing can stand in the way of electricity flowing from the mighty Labrador river in about four years.
The premier has been steadfast in her backing of the hydro project and we can only take her at her experts’ word that it is the best way of insuring the future power needs for the people of this province.
If the supporters are correct, this will turn out to be a project that could be greater than any other in this province. If it succeeds as promised, it will in time mean more to this province than all the oil that is pumped from the seabed off our shores.
The dam will stand for hundreds of years and the water will flow forever putting money into the government coffers.
It will also mean the people of this province won’t be as tethered to the unpredictable price of oil.
We will have a steady supply of electricity to heat our homes and maybe even attract industry if we play our cards right.
Newfoundlanders and Labradorians will hold our energy future in our own hands and nobody will be able to hold us hostage to foreign supplies. This project will not only be good for this province, it will be good for the whole country.
This is for the most part clean energy that will go a long way toward cutting the amount of pollution Canada contributes to the atmosphere, an issue that is becoming more and more vital.
All this, of course, is dependent on the proponents being right. We don’t have a great track record when it comes to hydro megaprojects.