What Carney announced — the core facts
A historic agreement between Ottawa, Québec, and Newfoundland & Labrador.
$10 billion in federal financing to kickstart construction and upgrades.
Total project value: ~$70 billion, the largest clean‑energy investment ever made in North America.
Projects include:
Expansion of the Churchill Falls Generating Station
Construction of the Gull Island hydroelectric megaproject
A 2,000 MW onshore wind project in Labrador
Major new transmission lines connecting Labrador, Québec, and export markets
Scale of the energy build‑outTotal clean‑power output: 14,000 MW — nearly triple Churchill Falls’ current capacity.
Enough electricity to light, heat, and cool all homes in Toronto, Montréal, and Vancouver combined.
Equivalent to 18 Hoover Dams worth of renewable generation.
Economic and strategic impact23,000 jobs supported across skilled trades, engineering, and construction.
$31 billion added to Canada’s GDP through the early 2040s.
A landmark Definitive Cooperation and Implementation Agreement replaces the infamous 1969 Churchill Falls contract, giving Newfoundland & Labrador far greater control and value.
Strengthens Canada’s position as a clean‑power superproducer, with export potential to the U.S. Northeast.
Why this mattersCarney framed the investment as a nation‑building project designed to make Canada more independent, more secure, and more sustainable in a volatile world. The deal leverages Canada’s hydro resources, critical minerals, and clean‑power advantage to build a future‑proof electricity system and unlock major industrial growth in the Labrador Trough.