Nalcor Energy’s AGM – get ready to rumble?

Annual general meetings for corporations can be deadly dull.

Listening to the CEO drone on about profits (hopefully), losses (hopefully not), EBITDA (earnings before interest, taxes, depreciation and amortization), creating “shareholder value” and all that jazz won’t have you on the edge of your seat.

But Nalcor Energy’s AGM taking place today at 10 a.m. in St. John’s figures to be a bit more interesting than usual.

There are two reasons for that.

One is that the public inquiry into the troubled $12.7 billion Muskrat Falls hydro project is starting to ramp up, and Nalcor CEO Stan Marshall figures to be on the hot seat about the status of the way over budget and behind schedule hydro project.

Then there is the matter of the provincial government’s plan to break up Nalcor and turn its oil and gas arm into yet another government-owned company.

The government provided few details about this plan when it was announced at the end of March. I expect attendees will be looking for a bit more clarity on this move today at the AGM.

The Muskrat Falls situation hasn’t improved since Marshall took over for Ed Martin as Nalcor CEO in the spring of 2016.

We’ll see today if those attending the AGM get testy with the state of the project under his watch, and if they buy the rationale for splitting up Nalcor.

It should make for some interesting discussion this morning.

If you have a few hours to kill, you can watch the whole thing by webcast on the Nalcor website here: https://nalcorenergy.com/news-room/annual-general-meeting/2018-agm/

 

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