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Muskrat Falls budget blown

Muskrat Falls - Photo by James McLeod/The Telegram
Muskrat Falls - Photo by James McLeod/The Telegram

The Muskrat Falls project is running into cost overruns to the tune of more than $600 million.

Nalcor CEO Ed Martin announced that the government-owned company’s work on the mega project is about 10 per cent over budget.

When the project was originally sanctioned in 2012 it was supposed to cost $6.2 billion, but by June 2014 that number had jumped to $6.99 billion. Now, Nalcor is saying it’ll cost $7.65 billion.

Related stories:

Concrete work nearly complete on major piece of Muskrat Falls

Ashley Fitzpatrick's Of Rock & Sea: On another timeline

The announcement comes amid a media junket to the project site where managers have been displaying how much work has been done on the dam site and transmission lines.

A news release from the company indicated that “market pressures” were responsible for the bulk of it.

 

 

Nalcor CEO Ed Martin announced that the government-owned company’s work on the mega project is about 10 per cent over budget.

When the project was originally sanctioned in 2012 it was supposed to cost $6.2 billion, but by June 2014 that number had jumped to $6.99 billion. Now, Nalcor is saying it’ll cost $7.65 billion.

Related stories:

Concrete work nearly complete on major piece of Muskrat Falls

Ashley Fitzpatrick's Of Rock & Sea: On another timeline

The announcement comes amid a media junket to the project site where managers have been displaying how much work has been done on the dam site and transmission lines.

A news release from the company indicated that “market pressures” were responsible for the bulk of it.

 

 

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