NB Power, Hydro-Quebec ink $10-billion deal

The Quebec and New Brunswick governments have scrapped a purchase of NB Power assets by Hydro-Quebec.

The New Brunswick government said Friday it has put back the $3.2-billion sale of NB Power to Hydro-Quebec by two months and called for a “full debate” on the agreement between New Brunswick and Quebec

The big lesson of the collapsed deal for Hydro-Quebec to take over much of New Brunswick Power has nothing to do with electricity. It’s that smart people can sometimes outsmart themselves

The New Brunswick government says it has amended the proposed agreement to sell NB Power to Hydro-Québec to quell opposition to the deal from the public and within its own ranks.

The news comes on the heels of a $4.75-billion power agreement between Quebec and New Brunswick, whereby Hydro-Quebec would acquire most of the assets of NB Power while promising fixed lower rates for power consumers in that province for five years.

A revised $3.2-billion plan that will see New Brunswick sell the majority of its power generation capabilities to Hydro Quebec was announced by Premier Shawn Graham on Wednesday.

A panel appointed by the New Brunswick government gave the green light on Monday to a controversial deal to sell major NB Power assets to Hydro-Quebec.

The premiers of Quebec and New Brunswick are expected to announce Thursday a much-rumoured deal involving the takeover of some assets of NBPower by Hydro-Quebec.