NOIA supports development of Muskrat Falls11/1/2012
The Newfoundland and Labrador Oil and Gas Industries Association (Noia) today announced its official support of the Muskrat Falls Development. Robert Cadigan, President and CEO of Noia, said the support for the project was based on Noia’s review of the analysis of the project.
“Noia’s Board of Directors has carefully reviewed the facts and figures related to Muskrat Falls and supports it as the lowest cost option for power replacement for the citizens of our province. Nalcor Energy and the Government of Newfoundland and Labrador conducted a thorough analysis, and reviewed all the options. Noia is satisfied that the process and information provided is valid.”
Noia supports as a key action of the Energy Plan, the re-investment of Provincial Government revenues from nonand#8208;renewable resources into the construction of renewable infrastructure. The main driver for the development of the Muskrat Falls is the forecast of a capacity deficit (inability to meet peak demand) in 2015 with energy deficits (inability to meet annual load requirements) in 2017. The Project will provide opportunities in Newfoundland and Labrador for future industrial activities that require large quantities of reliable and predictably-priced electricity, such as industrial fabrication for the oil and gas industry.
The provincial government released the Ziff Energy Group analysis on the Grand Banks gas and LNG option. The report concluded that liquefied natural gas or a Grand Banks pipeline would not be an economically feasible option for the electricity needs of the province. “The Muskrat Falls development will not impede the future development of gas off our shores for the benefit of the citizens of Newfoundland and Labrador and Noia members,” said Mr. Cadigan.
About Noia (Newfoundland and Labrador Oil and Gas Industries Association)
Established in 1977, with almost 600 members Noia is Canada's largest offshore petroleum association. Our core members provide products and services for the petroleum industry and associate members represent operators, trade associations, educational institutions and government bodies.