Quebec minister changes tune on NB Power deal
N.B. premier says changes will clarify energy sovereignty, long-term rates
Last Updated: Tuesday, December 22, 2009 | 7:04 PM AT
The Canadian Press
IN DEPTH: NB Power sale
Internal links
- SPECIAL COVERAGE: Power Play website
- Quebec balked at NB Power sale costs
- Reaction from NB Power deal collapse
- NB Power deal collapse could hurt jobs
- Quebec's NB Power deal cut to $3.2B
- Province retains control of NB Power in revised deal
- 3 Liberal ministers won't vote for NB Power deal
- Hydro-Québec should not fear changes to NB deal: expert
- Quebec minister changes tune on NB Power deal
- NB Power deal has 'out' clause: energy minister
- Hydro-Québec CEO speaks to Saint John business group
- NB Power controversy helps PCs: poll
- Power rate savings overblown
- Cabinet minister clarifies his NB Power view
- Irving firms benefit from NB Power deal
- N.B. throne speech pushes NB Power sale
- Lord government considered NB Power sale
- N.B. Liberals critical of NB Power deal
- McKenna hails NB Power sale as 'courageous'
- Power rate hikes could pass inflation after 2015
- Hydro-Québec CEO says rate structure not his idea
- Mactaquac Dam could cost NB Power ratepayers
- Industry big winner in NB Power sale
- Energy minister defends NB Power sale
- Long-term power rate cap needed: analyst
- Opposition demands election over NB Power sale
- Dalhousie mayor wants help over power plant closure
- Quebec, N.B. strike $4.8B deal for NB Power
- Energy deal must bring N.B. lower rates: Graham
Audio
- N.B. Liberals at a weekend party conference take questions for 90 minutes on the proposed sale of NB
- Liberal Kelly Lamrock discusses his views of the proposed NB Power deal
Photo gallery
Video
External links
- NB Power's website
- Hydro-Québec's website
- Government of New Brunswick: Lower Rates for New Brunswickers' website
- DOCUMENT: Memorandum of Understanding for proposed NB Power sale
- DOCUMENT: Assessment of the Rate Impacts of the MOU between N.B. and Quebec regarding NB Power
- FAQS: Government of New Brunswick on proposed NB Power sale
- TIMELINE: Government of New Brunswick on proposed NB Power sale
Quebec is suddenly singing a more conciliatory tune over its planned purchase of New Brunswick's power utility.
The provincial government is scrambling to clarify a suggestion that its purchase of NB Power is a done deal — with no possibility of a sweetened offer.
Natural Resources Minister Nathalie Normandeau switched her tone Tuesday, one day after saying the agreement is final and not open for renegotiation.
In fact, she said an agreement-in-principle was signed Oct. 29, and negotiations are still going on. The deal is supposed to be concluded by March 31.
Normandeau said the final deal will respect the "spirit" of the October memorandum of understanding.
New Brunswick Premier Shawn Graham has suggested in year-end interviews he may tweak the final contract with Quebec to address some of the concerns raised by New Brunswickers since the deal was announced in October.
He said there may be wording that spells out more clearly that this province retains control over energy policy.
And he said negotiators may address what happens to power rates after a five-year rate freeze, when they become linked to inflation.
"Today many New Brunswickers have asked, 'You know this is a very good deal for the first five years. How can we be guaranteed protection after five years?' So we're looking at identifying ways today to strengthen that protection after five years," Graham told CBC News.
The sale is a hot potato for the New Brunswick government, which has come under intense political fire over its plan to sell NB Power's assets to Hydro-Quebec for $4.8 billion, which would immediately erase the utility's debt.
The deal also includes a commitment to freeze residential rates for five years and cut large industrial power prices to Quebec levels.
The New Brunswick government estimates the rate package is worth an additional $5 billion.
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