Troubled Muskrat Falls hydro megaproject will likely go ahead: CEO

ST. JOHN’S, N.L. – The new head of Newfoundland and Labrador’s Crown corporation Nalcor Energy says the troubled Muskrat Falls hydro project will likely go ahead.

Still, Nalcor CEO Stan Marshall says he’s keeping all options open as he assesses cost and schedule overruns.

Marshall says he’ll deliver a full status update in late June, which could include replacing major construction contractor Astaldi Canada.

He says there are serious concerns about delays at the project site in Labrador and he’s planning staff changes to manage them.

Cost projections for the province have soared to about $7.7 billion from $6.2 billion with first power delayed several months until 2018 or later.