Seamus O’Regan Supports Labrador Hydro MOU Amid Scrutiny
Seamus O’Regan, a former federal minister and Liberal MP, recently expressed support for the Memorandum of Understanding (MOU) regarding hydro development in Labrador. He acknowledged that while no agreement is flawless, it is essential to move forward.
Importance of the Hydro Development MOU
O’Regan’s experience in the energy sector is extensive, stemming from his work as an assistant to Premier Brian Tobin in the late 1990s. His academic background includes a thesis on Innu rights, further enhancing his understanding of the region’s complexities.
Job Creation and Economic Impact
The MOU promises significant economic benefits for Newfoundland and Labrador, with projections estimating the creation of approximately 10,000 jobs. O’Regan stated that the agreement provides much-needed resources for the region, contributing to both wealth and employment opportunities.
Learning from Past Mistakes
- O’Regan emphasized the importance of learning from previous projects.
- He cited the need for clauses that ensure fair market value and protection against cost overruns.
- The experience from the Muskrat Falls project highlighted the necessity for strong management and oversight.
He conveyed optimism that the current agreement contains the necessary safeguards to avoid past pitfalls, asserting a commitment to avoid repeating mistakes. O’Regan noted that majority ownership within the agreement was a key factor in its viability.
His remarks were made during a conversation on VOCM Open Line, where he conveyed the urgency behind advancing such agreements, underlining the importance of progress in the energy sector.
