Prime Minister Mark Carney is scheduled to convene in St. John’s on Monday alongside Newfoundland and Labrador Premier Tony Wakeham and Quebec Premier Christine Fréchette to make a significant announcement related to energy security and economic development.

Discussions surrounding a potential new agreement on Churchill Falls energy have intensified recently, with Radio-Canada confirming Fréchette’s visit to Newfoundland for the signing of this agreement. Wakeham’s office released a statement confirming the attendance of Fréchette, Quebec’s Energy Minister Bernard Drainville, and Hydro-Québec’s president and CEO Claudine Bouchard at the event on Monday.

Hydro-Québec has also announced a closed-door briefing on Quebec’s energy security scheduled for 11 a.m. on Monday, with Dave Rhéaume, Hydro-Québec’s executive vice president of energy and regulatory strategy and industrial activities, leading the meeting. Additionally, Natural Resources Canada has disclosed a media technical briefing in Ottawa at 10:30 a.m. on Monday.

Although specific details are scarce, Wakeham’s office has confirmed that the announcement will take place at 1:45 p.m. in St. John’s. Later, the Prime Minister’s office revealed that Carney will also be in attendance.

Insider sources, not authorized to speak publicly, have disclosed key details about the new agreement. It includes a guaranteed transmission access of 985 megawatts through Quebec, enabling Newfoundland and Labrador to sell up to that amount to external markets. Furthermore, both provinces are set to receive significantly more electricity compared to the previous memorandum of understanding. Quebec could potentially receive around 10,000 megawatts, while Newfoundland and Labrador could secure between 2,350 to 3,000 megawatts.

To bolster electricity production, the agreement entails the development of a more potent hydroelectric facility at Gull Island and an increase in the generating capacity of the turbines at the existing Churchill Falls plant. Notably, the new agreement incorporates wind power, a component absent in the previous 2024 MOU signed by former Liberal premier Andrew Furey and former Quebec premier François Legault.