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Muskrat Falls loan guarantee announced today

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What is being called a “major” announcement will be made this morning involving all the major players in the Muskrat Falls hydro development – Federal ministers, provincial ministers from Nova Scotia, and representatives from both Nalcor and Emera. The announcement is being billed as a “clean energy for Atlantic Canada” initiative, and is taking place at 9:00 this morning at Atlantic Place. The historic announcement means a much cheaper development for all involved parties; a loan guarantee on the proposed $6.2 billion project essentially lets the provincial government borrow money using the Federal government’s credit rating to reduce the interest paid on said loans. The loan guarantee would provide significant savings throughout the course of the project’s development. Stay tuned to TheIndependent.ca for pictures of the new conference. Source: VOCM

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Government to slash spending at the NRC by 20%

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The National Research Council, the Government of Canada’s premier organization for research and development and active since 1916, is facing severe cuts in its operations. The NRC’s total budget stood at $881,137,581 in the last fiscal year; in 2011-12, it will be reduced to $690,836,000. “If you have a rocket scientist going out the door, you can’t replace that person with an insect scientist,” said Gary Corbett, president of the Professional Institute of the Public Service of Canada. “It’s a pretty specialized field and that’s the part the government doesn’t appear to understand. What effect this may have on the NRC’s presence in St. John’s is unknown.

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