Premier Robert Ghiz met this week in Ottawa with the federal minister of Infrastructure, and a new electricity link to the mainland was one of the topics of discussion.
The two underwater cables currently linking the Island to the continental power grid were installed in the late 1970s and are nearing the end of their lifespans.
Ghiz said the cost of a new cable would be $100 million to $150 million. He's hoping the federal-provincial split will be 50/50.
"This is a unique project within our country," said Ghiz.
"It's not like we're selling power to other jurisdictions. This is about us, making sure that we're able to keep the lights on in our province. I think it comes down to being a fundamentally important infrastructure project for our province."
Ghiz said he also met with Gail Shea, the province's representative in the federal cabinet, and she was very supportive of the project.