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Senior management of Hydro-Quebec were faced with the problem of how to avoid the possible cancellation of its multibillion dollar hydroelectric development project due to highly-publicized opposition from aboriginal rights groups and environmental activists. This opposition was jeopardizing a major export contract by the New York Power Authority. Hydro-Quebec''s financial performance, in particular its ability to continue servicing its large US-denominated debt, was an important factor in the economic health and potential sovereignty of the Province of Quebec. The focus on stakeholder analysis is an excellent review of the complexity of decision-making in a highly volatile setting.