The deal will replace a contentious 1969 contract to export power from the Upper Churchill Falls hydroelectric facility in Labrador that has been a source of bitter tension between the two provinces for decades. Although Newfoundland and Labrador owns the ...

Newfoundland and Labrador has reached a tentative deal with Quebec over power flowing from the Churchill Falls hydroelectric plant that could reap hundreds of billions of dollars over the next five decades.

Newfoundland and Labrador signed a historic MOU on Thursday, to terminate and replace the 1969 Upper Churchill Contract, develop Gull Island and expand the capacity of the Churchill Falls plant. The deal will result in more than $225 billion in total revenue for NL over the life of the agreements.

Quebec Premier François Legault says talks started four years ago about ending the existing 65-year Churchill Falls contract, which saw N.L. miss out on billions of dollars. Legault said he is a businessman and — 2041 is around the corner — wanted long-term security for power for generations to come.

Details are expected to be revealed Thursday on what could be a multi-billion agreement between Newfoundland and Labrador and Quebec to reshape the contract of the Churchill Falls hydroelectric project.

An agreement has been reached between the governments of Quebec and Newfoundland and Labrador on a new contract for the massive hydroelectric project, two sources say.

Officials from both provinces have been trying to negotiate a new deal surrounding the Churchill Falls hydroelectric plant in Labrador. The current agreement, signed in 1969, is widely considered as lopsided in Quebec’s favour.

Premiers from Quebec and Newfoundland and Labrador are meeting Thursday for what is being called a "historic partnership announcement."

The premiers of Quebec and Newfoundland and Labrador are ready to sign an energy agreement, ending a long-running dispute over the Churchill Falls hydroelectric plant in Labrador.