July 28, 2016 3:04 PM ET

Electric Utilities

Company Overview of Nalcor Energy, Ltd.

Company Overview

Nalcor Energy, Ltd. engages in the generation and transmission of electrical power. It operates hydroelectric plants that generate and transmit power to industrial, utility, and direct customers in rural Newfoundland and Labrador, as well as in Churchill Falls and the lower Churchill; hold and manage onshore and offshore oil and gas interests in Newfoundland and Labrador; and engage in steel fabrication and concrete construction, outfitting installation, at-shore hook-up, and commissioning. The company also markets energy in Canada and the United States; and operates and maintains other projects in the energy sector. Nalcor Energy, Ltd. was formerly known as Energy Corporation of Newfoundlan...

Hydro Place

500 Columbus Drive

P.O. Box 12400

St. John, NF A1B 4K7


Founded in 2007





Key Executives for Nalcor Energy, Ltd.

Chief Executive Officer
Age: 66
Chief Financial Officer and Executive Vice President of Finance
Age: 56
Executive Vice President of Power Development
Executive Vice President of Corporate Services and Offshore Development
Executive Vice President of Power Supply
Compensation as of Fiscal Year 2016.

Nalcor Energy, Ltd. Key Developments

Nalcor Energy, Ltd. Announces Organisational and Executive Changes

Nalcor Energy, Ltd. announced that its regulated utility, Newfoundland and Labrador Hydro (Hydro), will become a separate business unit to ensure a distinct separation from unregulated activities. The Muskrat Falls Project will be divided into two separate components – Power Supply and Power Development. Power Supply will encompass all transmission related activities for the project including the transmission line from Churchill Falls to Muskrat Falls, the Strait of Belle Isle marine cable crossing, the Labrador-Island Transmission Link and associated electrical infrastructure. Power Development will encompass the completion of the hydroelectric generating facility at Muskrat Falls including the powerhouse and spillway components. Effective June 28, Jim Haynes will return, on a contractual basis, to take on the role of President, Newfoundland and Labrador Hydro. Mr. Haynes retired from Hydro in April 2013 as the executive responsible for Hydro after 35 years of dedicated service with the company. His experience and expertise will be invaluable as Hydro continues to work to provide safe, reliable, cost-effective electricity service to the people of this province. Gilbert Bennett, current Vice President of the Lower Churchill Project, will become Executive Vice President, Power Development, focusing solely on the development and completion of the generation components of the Muskrat Falls Project in Labrador. John MacIsaac, current President of Newfoundland and Labrador Hydro, will assume the position of Executive Vice President, Power Supply with priority focus on the completion and commissioning of the Labrador Transmission Assets, the Strait of Belle Isle marine cable crossing, and the Labrador-Island Transmission Link. Mr. MacIsaac also has responsibility for the integration of Muskrat Falls to the current electricity system and is executive lead for the Churchill Falls operation. Derrick Sturge will continue in his role as Chief Financial Officer as he becomes Executive Vice President, Finance. Mr. Sturge will strengthen financial oversight of the Muskrat Falls Project while continuing to manage the financial operations of Nalcor’s unregulated operations. The remaining lines of business are encompassed under Corporate Services and Offshore Development resulting in five executive vice presidents reporting into the President and CEO. Jim Keating, currently Vice President of Nalcor’s Oil and Gas line of business, becomes Executive Vice President of Corporate Services and Offshore Development. Mr. Keating will remain responsible for Nalcor’s Oil and Gas business while becoming the executive lead for Bull Arm Fabrication, Energy Marketing, and the company’s corporate services, including Human Resources, Safety and Environment, General Counsel as well as Corporate Communications and Shareholder Relations. All other existing Vice Presidents continue in their current capacity and as part of the leadership team reporting to one of the executive vice presidents or in the case of Hydro, to the President.

Nalcor Energy Reports Earnings Results for the First Quarter Ended March 31, 2016

Nalcor Energy reported earnings results for the first quarter ended March 31, 2016. Profit for the first quarter totaled $28.0 million, compared to $29.3 million for the same period in 2015. This was due mainly to an increased loss in Hydro Regulated, attributable to higher gas turbine fuel costs and adjustments related to the Prudence Order received from the Public Utilities Board (PUB), and was partially offset by lower operating costs. Operating profit of $35.0 million was $5.7 million higher year-over-year for the first quarter, due to lower overall operating costs, increased offshore oil production, lower power purchased in Hydro Regulated, and gains on the settlement of commodity swaps. This increase was partially offset by lower realized oil prices, higher costs associated with gas turbine fuel, decreased revenue and increased depreciation, depletion and amortization. Capital expenditures for the first quarter totaled $558.9 million. Funds from operations for the period of $66.5 million, a $13.0 million improvement compared to the same period in 2015. EBITDA for the period of $77.7 million, a $10.3 million improvement compared to the same period in 2015.

Nalcor Energy, Ltd., Q1 2016 Earnings Call, May 13, 2016

Nalcor Energy, Ltd., Q1 2016 Earnings Call, May 13, 2016

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