While other power utilities in Atlantic Canada are up for grabs, there’s no word on the status of compensation talks between the Government of Newfoundland and Labrador and Fortis, Inc. resulting from the provincial government’s surprise seizure last winter of hydro-electricity assets in central Newfoundland.
Fortis-owned Newfoundland Properties was one of three companies – including ENEL and Abitibi – generating capacity in the unexpected, and thus far unexplained, seizure.
Newfoundland and Labrador Premier Danny Williams announced the measures. Williams introduced a bill in the provincial legislature in December 2008 that also quashed active court cases and stripped the companies of any legal recourse to the seizure.
The seizure of assets caused a loan default among other financial consequences.