The announcement was made at noon by Premier Andrew Furey, Energy Minister Andrew Parsons and Hydro CEO and Nalcor Interim CEO Jennifer Williams.
Premier Andrew Furey said work has already started, which includes a review of the existing corporate and governance structure and contractual obligations of the crown corporation and its subsidiaries.
The provincial budget, tabled late last month, said the province would immediately begin restructuring Nalcor to “eliminate duplication and save money.”
Minister Andrew Parsons said the changes will take some time and the exact numbers and timelines are not yet known.
He says this is part of signaling the government’s intention, but the exact numbers and savings are difficult to quantify as contractual and legislative changes will be needed before action is taken.
The PERT report recommended the dismantling of the energy company, which has been criticized for its management of Muskrat Falls and for providing large bonuses to executives.
Former CEO Stan Marshall, who was recruited to address issues of deadlines and cost overruns, retired earlier this month and was replaced by Hydro CEO Jennifer Williams, who is at the head of the two entities.