The company had distinct business lines comprising Newfoundland and Labrador Hydro, the Churchill Falls Generating Station, the Lower Churchill Project, energy marketing, oil and gas development, and The Bull Arm Fabrication Site.

[4] Newfoundland and Labrador Hydro, commonly shortened to "Hydro", was originally a subsidiary of Nalcor, generating and delivering electricity for Newfoundland and Labrador, as well as parts of Quebec and the north-eastern United States.

The Lower Churchill's two installations at Gull Island and Muskrat Falls will have a combined capacity of over 3,000 MW.

The company is currently a partner in three offshore developments - the Hebron oil field, the White Rose Growth Project and the Hibernia Southern Extension.

[10] A $20 million onshore drilling exploration program in Parsons Pond in western Newfoundland is also being operated by Nalcor - Oil and Gas.