The Government of Newfoundland and Labrador today announced that an agreement has been extended between Newfoundland and Labrador Hydro (Hydro) and Corner Brook Pulp and Paper Limited.
The extended agreement, which became effective on October 1 for a period of six months, includes Hydro purchasing excess green energy from Corner Brook Pulp and Paper’s Deer Lake Power assets. In turn, Corner Brook Pulp and Paper will continue its efforts to identify new revenue sources from viable wood-based projects in order to unlock Newfoundland and Labrador’s high forest potential while further stabilizing the mill’s sustainability and future.
The agreement between Hydro and Corner Brook Pulp and Paper for energy generated from Corner Brook Pulp and Paper’s existing power generation facilities will provide flexibility for Hydro to draw upon when needed, particularly during winter months. There is no impact on the ratepayer as a result of the agreement.
The Provincial Government remains optimistic about the forestry industry and continues to have ongoing discussions with Corner Brook Pulp and Paper.