Law360 Canada ( November 2, 2018, 2:33 PM EDT) -- Appeal by Churchill Falls (Labrador) Corp. (CFLCo) from a judgment of the Québec Court of Appeal affirming a decision of the Québec Superior Court. In 1969, Hydro Québec and CFLCo signed a contract that set out a legal and financial framework to build a hydroelectric plant. On one hand, Hydro Québec assumed the risks associated both with the project and with the uncertainty of market prices for electricity. On the other, because CFLCo was receiving a plant that it would not be paying for itself and was acquiring the certainty and stability that resulted from having a long term customer, it agreed in exchange to sell the electricity produced by the plant to Hydro Québec at low prices, and over a very long period. After the contract was signed, the price of electricity rose significantly, and CFLCo argued that this change had essentially disrupted the equilibrium of the contract. The trial judge found that Hydro-Québec had no implied duty to renegotiate the contract and found no justification for disregarding the will of the parties. He concluded that the intervention sought by CFLCo was not warranted and that its action was prescribed. A panel of five judges of the Québec Court of Appeal unanimously dismissed the appeal. The issue before the Court was whether CFLCo could require Hydro Québec to renegotiate the contract because of unforeseeable changes in the electricity market that had occurred since the contract was signed....