Canada Announces $70 Billion Clean Energy Deal for Churchill Falls

Prime Minister Mark Carney announced a nearly $70 billion investment in clean energy on Monday, August 17, 2026, in partnership with the provinces of Quebec and Newfoundland and Labrador. The deal, described as the largest clean energy investment in North American history, will nearly triple the capacity of the Churchill Falls Generating Station in Labrador and support an estimated 23,000 jobs.

The announcement was made in St. John's, Newfoundland and Labrador, where Carney was joined by provincial premiers Tony Wakeham and Christine Fréchette. The investment will generate 14,000 megawatts of new clean, renewable power, which officials said is enough to supply the combined electricity needs of Toronto, Montreal, and Vancouver. The new capacity is equivalent to the output of 18 Hoover Dams.

The project centers on the expansion of the Churchill Falls facility, which is jointly owned by Hydro-Québec and Newfoundland and Labrador Hydro under a contract signed in 1969. That agreement, set to expire in 2041, has been a point of contention for decades, with Hydro-Québec currently purchasing electricity at a rate of 0.2 cents per kilowatt hour.

Negotiations for a new arrangement had been...