ST. JOHN'S — Newfoundland and Labrador will hold its provincial election on Oct. 14. Liberal Leader John Hogan is aiming for his first win as premier, facing off against Progressive Conservative Leader Tony Wakeham.

Currently, the Liberals hold 19 of the 40 seats in the legislature. The Progressive Conservatives have 14 seats, while the New Democratic Party (NDP) holds one. There are also two Independent members and four vacant seats.

As the election campaign kicks off, the province is grappling with a significant debt crisis. The net debt is projected to reach $19.7 billion next year, which translates to over $36,400 per person in a province with a population of approximately 540,000.

The Liberals are banking on a new energy agreement with Hydro-Québec to improve the province's financial situation. This draft deal is expected to bring in more than $225 billion to Newfoundland and Labrador over the next 50 years. Most of this revenue will come from Hydro-Québec paying increased rates for energy sourced from the Churchill Falls power plant in Labrador. Hogan has emphasized that this memorandum of understanding is "the election issue."

In contrast, Wakeham has suggested that the province could secure even more funding and has committed to having the deal reviewed by an independent third party before any final agreements are made.

The election announcement follows a summer marked by severe wildfires in eastern Newfoundland. A fire in May destroyed around a dozen homes in Adam's Cove, while another blaze in August resulted in nearly 200 structures being lost. Residents affected by these disasters are still awaiting information on potential financial assistance from the provincial or federal governments for recovery efforts.

Key issues such as health care, housing, and the rising cost of living are expected to be central themes in the party platforms as the election approaches.