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Press Release –
July 31, 2014
Making Responsible Decisions Through Strong Governance
The Honourable Tom Marshall, Premier of Newfoundland and Labrador, today announced the release of the Oversight Committee’s first report on the Muskrat Falls Project.
“The Muskrat Falls Project is owned by the people of the Province and is one of the country’s largest and most important major capital projects. A project of this magnitude and importance requires strong oversight by Nalcor Energy and the Governments of Newfoundland and Labrador and Canada. The release of the Oversight Committee’s first report demonstrates our government’s commitment to ensuring prudent oversight of the project on behalf of the people of the province.”
– The Honourable Tom Marshall, Premier of Newfoundland and Labrador
The Oversight Committee was formed by government to strengthen and formalize existing oversight of the Muskrat Falls Project. The committee has been mandated to provide reliable and transparent oversight so that the public can have confidence in the management of project costs, schedule and risk.
This first report presents the work done by the committee since its appointment and includes information on its governance structure and processes, the existing project oversight measures, the project’s budget and schedule, and next steps. The Oversight Committee engaged Ernst and Young, an independent third party consultant with specialized skills in major capital projects, to conduct an assessment of the Oversight Committee’s terms of reference and to provide advice on what information would be needed to effectively monitor the project’s cost, schedule and risks. The Ernst & Young report is also being released today.
“The Provincial Government has been involved in oversight of the Muskrat Falls Project from initial planning, to early engineering, to our agreements with Emera, and most importantly to sanction and financing. Our government has also ensured that there has been more information made public about this project than any other project in the province’s history, providing the opportunity for review by the public, government, and independent experts.”
– The Honourable Derrick Dalley, Minister of Natural Resources
The committee’s terms of reference and a shareholder’s letter that details the terms of Nalcor’s reporting to the oversight committee are also being released today. The report and all associated documents are available online at www.gov.nl.ca/MFoversight
The next quarterly report will be available in fall 2014 and will provide an assessment of the management of project cost, schedule and risk
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Director of Communications
Office of the Premier
Office of the Premier
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