Mr. Speaker, this is an emergency statement. Mr. Speaker, it is with great pleasure and pride that I advise this Assembly of a landmark agreement concluded last evening between the Dogrib Treaty 11 tribal council and the Northwest Territories Power Corporation for development of hydro potential in the North Slave region.
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Mr. Speaker, subject to regulatory approvals, this historic agreement provides for development of hydro sites at Snare cascades on the Snare River and Lac La Martre river system. These projects will be developed, constructed and owned by the Dogrib Power Corporation, a wholly owned Dogrib enterprise.
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As each site is completed the Northwest Territories Power Corporation will accept operating responsibility. Mr. Speaker, this agreement as represented by the Dogrib power project agreement and the power acquisition agreement reflects the spirit of goodwill, respect and cooperation that was evident throughout the negotiations.
The agreement, Mr. Speaker, that was reached today secures employment and training opportunities for the residents of Rae-Edzo, Snare Lake, Rae Lakes and Lac La Martre through control and ownership of each development. These projects have been made possible by the market security and operating experience that partnership with the Northwest Territories Power Corporation will provide.
Mr. Speaker, first and foremost this agreement is a commercial undertaking that balances the interests of both parties. Engineering and construction contracts will be awarded by the Dogrib Power Corporation on the basis of the tender process; all regulatory requirements including environmental, land and water issues will be addressed by the Dogrib Power Corporation; and the interest of Northwest Territories Power Corporation customers will be protected by the Public Utilities Board review of the power acquisition agreement. This agreement is really a true partnership.
The first phase of the proposed project calls for an investment of up to $35 million. The second phase has an estimated cost of $80 million.
Development of these sites will reduce the growing reliance on diesel for power generation in the North Slave region. With adequate power supply and the long-term price stability associated with hydroelectric power generation, the growing opportunities for economic development throughout the region are further advanced.
Mr. Speaker, I wish to acknowledge the dedicated and professional efforts of both Dogrib representatives and Power Corporation officials, many of whom are here in the gallery today, in concluding an agreement that will guarantee investment, development and employment in the North Slave region. Thank you, Mr. Speaker.
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