Openness and Accountability!

From Saturday's Telegram:

Energy deal inked

Newfoundland and Labrador Hydro, Hydro-Quebec and the Iron Ore Company of Canada (IOC) announced an agreement Thursday to supply electricity to three towns in Quebec. Under the deal, NL Hydro and Hydro-Quebec assume ownership of the IOC generating facilities built and installed by the iron ore company at Menihek-Schefferville in 1954.

The Menihek generating station is the only source of electricity for the isolated towns of Schefferville, Kawawachikamach and Matimekosh-lac-John.

NL Hydro and Hydro-Quebec have entered into a 40-year power purchase agreement to supply electricity to the three towns.

Hydro-Quebec will purchase a guaranteed minimum of 40-million kilowatt hours annually from NL Hydro. The Quebec utility will also reimburse NL Hydro for all operation, maintenance and refurbishment costs for the Labrador assets of the Menihek/Schefferville electrical system.

"We have negotiated a good agreement for the sale of energy to Hydro-Quebec," said Jim Keating, vice-president of business development for NL Hydro. "We retain control over a provincial asset and resource and are adequately managing our financial and operating risks. The agreement also includes an annual escalation of price with the Consumer Price Index and the right to recall the power if required."

The financial details were not disclosed.

We'll have to take Jim Keating's word for it, now, won't we?

How many sooper sekrit energy deals has The Most Open And Transparent Government In The Galaxy, Danny Williams Government, "inked" so far this year? And heck, it's only the middle of November yet.