Churchill Falls Labrador Corporation Limited
 |
|
| Subsidiary - Newfoundland and Labrador Hydro Nalcor Energy (65.8%) Hydro-Québec (34.2%) |
|
| Industry | Electricity generation & distribution |
| Founded | St. John's, Newfoundland (1958) |
| Headquarters | St. John's, Newfoundland, Canada |
|
Key people
|
Ed Martin, President & CEO |
| Products | Electricity |
| Website | www.cflco.nf.ca |
The Churchill Falls (Labrador) Corporation, also known as CF(L)Co or CFLco is a Canadian electric company. The company was founded in 1961 and is based in St. John's, Newfoundland. Churchill Falls (Labrador) Corporation Limited operates as a subsidiary of Newfoundland and Labrador Hydro.
CF(L)Co was originally formed in 1958 as a subsidiary of British Newfoundland Development Corporation (BRINCO) and known as the Hamilton Falls Power Corporation, it built and operated the Churchill Falls hydroelectric complex.
In 1961, the Government of Newfoundland and Labrador granted the Hamilton Falls Power Corporation a 99-year lease to the 67,340 square kilometers watershed of the Upper Churchill. The Hamilton Falls Power Corporation became to be known as the Churchill Falls Corporation in 1965 when the name of the falls was changed to commemorate former British Prime Minister Winston Churchill.
CF(L)Co began construction on Churchill Falls Generating Station in 1966 and on May 12, 1969, signed a power contract with Hydro-Québec. The agreement committed Hydro-Québec to buy most of the plant's output at one-quarter of a cent per kilowatt-hour — the exact rate is 0.25425¢ per kilowatt-hour until 2016 and 0.20¢ for the last 25 years of the contract —, to build and maintain power lines to carry the power to market and to enter into a risk-sharing agreement whereas the Quebec Crown corporation would cover part of the interest risk and buy some of BRINCO's debt, in exchange for an increased share in CF(L)Co.
The 5,428-megawatt generating station delivered its first kilowatts on December 6, 1971 and its 11 turbines were fully operational by June 1974. In 1974 the Government of Newfoundland and Labrador purchased a controlling interest in CF(L)Co from BRINCO and turned it over to the Newfoundland and Labrador Power Commission. The Commission had a 65.8% share in the corporation and the remaining 34.2% was owned by Hydro-Québec.
...
Wikipedia