Premiers of New Brunswick and Quebec to reveal details of proposed power deal
Published Thursday October 29th, 2009
FREDERICTON - After months of talks and increasing public speculation, New Brunswick Premier Shawn Graham and Quebec Premier Jean Charest are set to announce details today of a proposed $10 billion deal that would see a majority of the assets of New Brunswick's public utility company sold to Hydro-Quebec.
A New Brunswick government source tells the Canadian Press the premiers will announce a memorandum of understanding that would see New Brunswick get almost $5 billion in cash, and power rate savings of $5 billion.
This week, Premier Graham refused to release details, but did promise there would be time for public debate before a final deal is reached, possibly by next March.
According to sources, Hydro-Quebec would assume almost all assets of NB Power including the Point Lepreau nuclear power plant, leaving the New Brunswick utility with a handful of fossil-fuel plants whose electricity would be sold to the Quebec-run utility.
The premiers of Nova Scotia and Newfoundland and Labrador are warning the deal would give Hydro-Quebec a monopoly that could hinder other power development in the region and impede power exports to the United States.
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Selling NB Power or giving HQ control over our power generation or distribution is ridiculous and does nothing to promote the self sufficiency that Graham has stated as a priority.
No clear details about what they are selling for that money, though, or what NB govt is willing to give up. This source says it's not a sale, other reports have suggested it was.