Hydro-Québec inks $20B, 25-year deal to power New York state
Hydro-Québec has signed a tentative agreement to help power the state of New York over the next 25 years.
Premier François Legault said Monday the deal totals more than $20 billion. He called the agreement "huge news for the environment," given that "fossil energy will be replaced by renewable energy."
Legault has long tried to sell neighbouring provinces and the United States on the benefits of hydro power, billing Quebec as the "battery of North America."
The agreement — which still requires final approval in both jurisdictions — would see Hydro-Québec export 10.4 terawatt-hours a year over the span of the deal.
It would require the construction of a 60-kilometre line on this side of the border. The Mohawks of Kahnawake would share in the ownership of the line.
Hydro-Québec said it hopes to start construction by early 2023.
Speaking with reporters on Tuesday, Legault said that the deal is the biggest export agreement in the history of Quebec.
He said it will allow "more financial autonomy for Quebec" and help the state of New York wean itself from fossil fuels.
"It's good for Quebec, it's good for New York and it's good for the planet," he said.
Legault said that the agreement-in-principle takes the province one step further toward the goal of being "the green battery of North America."
New York Gov. Kathy Hochul said in a statement the project would "help us turn the page on New York City's long-standing dependence on fossil fuels and will ensure millions of New Yorkers, especially those living in our most vulnerable communities, can have the promise of cleaner air and a healthier future."
Hydro-Québec made a similar deal with Massachusetts in 2018.
