Mr. Speaker, as Members of the Legislative Assembly are aware, the Northwest Territories Power Corporation has assumed responsibility for studying the potential for Northwest Territories hydro development in partnership with aboriginal organizations. Mr. Speaker, I am very pleased to announce the signing of a memorandum of understanding between the Akaitcho Regional Investment Corporation, the South Slave Metis Economic Corporation and the Northwest Territories Energy Corporation Ltd., a subsidiary of the Northwest Territories Power Corporation. These corporations have agreed to work together to examine possible business opportunities related to hydro-electric potential of the Taltson River. This includes the current opportunity to supply the potential De Beers Diamond Mine with hydro-electric power.

The memorandum of understanding has three specific objectives: to develop detailed business plans that provide for profitable business opportunities; to establish a corporate entity or partnership arrangement that will represent the interests of the Akaitcho and Metis corporations in business opportunities; to develop a detailed memorandum of intent that represents a commitment of the parties to pursue business opportunities that may be available through further development of the Taltson River system. This agreement provides for opportunities to displace diesel generation and reduce greenhouse gas emissions in the Northwest Territories. It provides for opportunities for aboriginal governments to generate revenues and also for opportunities for people in the South Slave region to participate in and benefit from development.

Mr. Speaker, I would like to congratulate these three parties for taking this important first step toward the development of hydro-electric potential in the South Slave region. Thank you, Mr. Speaker.

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