Newfoundland and Labrador has reached a tentative deal with Quebec over power flowing from the Churchill Falls hydroelectric plant that could reap hundreds of billions of dollars over the next five decades.

Newfoundland and Labrador signed a historic MOU on Thursday, to terminate and replace the 1969 Upper Churchill Contract, develop Gull Island and expand the capacity of the Churchill Falls plant. The deal will result in more than $225 billion in total revenue for NL over the life of the agreements.

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An agreement has been reached between the governments of Quebec and Newfoundland and Labrador on a new contract for the massive hydroelectric project, two sources say.

Quebec Premier François Legault and Newfoundland and Labrador Premier Andrew Furey are scheduled to announce an energy agreement Thursday that could end decades of friction between the two provinces.

The Canadian province of Newfoundland and Labrador reached a new electricity supply agreement in principle with Quebec, apparently ending a long-time dispute with a deal that will increase hydroelectric power in the country’s eastern region.

Quebec and Newfoundland and Labrador are set to sign an agreement on Thursday to end the dispute between the provinces over the multi-billion-dollar Churchill Falls hydro-electric plant.

Quebec and Newfoundland and Labrador have reached a sweeping deal to develop new energy projects in Labrador and end a decades-old contract that has long been a thorn in the side of Canada's easternmost province.