Ed Martin, president and chief executive officer of Nalcor Energy, developer of the 824-MW Muskrat Falls hydro project, resigned April 20.
In a statement posted on the company’s website, Martin said, “For over 10 years, I have dedicated myself to the work of Nalcor. Each day I have come to work with one focus – to do what is the best interest of the province. I’ve thought about the work that has been done, and when would be the natural time for me to move on to the next stage of my life. Today, I have come to that time and I will be stepping down as President and CEO of Nalcor Energy.”
Discussing the company’s progress under his tenure, Martin pointed to its growth from a single utility to an energy company with six business lines and equity stakes in three oil and gas projects. He also discussed Nalcor Energy’s development of the Muskrat Falls hydroelectric project and its operation of the 5,428-MW Churchill Falls plant.
Muskrat Falls, on the Churchill River in Labrador, Canada, is expected to be commissioned in 2017. The powerhouse is one component of the Lower Churchill complex, which could also eventually include the 2,250-MW Gull Island plant. About 40% of the power generated will be used to meet electricity needs in Newfoundland and Labrador, with 40% being exported into Atlantic Canadian and New England markets or retained for use by Nalcor and the remaining 20% going to Emera in exchange for paying 20% of the project cost.