New Brunswick Premier Shawn Graham speaks to reporters on Tuesday. (CBC)

A reworked agreement between NB Power and Hydro-Québec would see New Brunswick retain ownership and control of NB Power, according to an internal government email obtained by CBC News.

In it, the Liberal government says the transmission and distribution companies — Transco and Disco — would remain under a New Brunswick-owned NB Power. The two companies represent more than 60 per cent of NB Power employees and oversee all the power lines, power poles, linesmen and customer service people.

The changes to the agreement came "after a period of consulting with and listening to New Brunswickers," said the email.

Under the revised agreement, residential customers would still get five guaranteed years without rate increases.

But large industrial customers would see less of a benefit than previously stated. Their rates would be reduced by 23 per cent and medium-sized businesses would have their rates reduced by 15 per cent.

A separate document — obtained by The Canadian Press — also revealed a reduced price tag for the deal.

Under the terms of the original tentative agreement announced in October, Hydro-Québec would have assumed the major assets of the New Brunswick utility, including transmission lines, hydroelectric dams and the Point Lepreau nuclear power plant, for $4.75 billion. That amount is equal to the debt NB Power owes.

According to the document, the revised agreement is worth $3.2 billion and would still include the sale of NB Power's hydroelectric facilities and Point Lepreau.

The full details of the new deal are expected to be released Wednesday.

Vocal opposition

The proposed sale of NB Power to Hydro-Québec has been a contentious issue since the original memorandum of understanding was signed between New Brunswick Premier Shawn Graham and Quebec Premier Jean Charest in October.

Numerous protests were staged by members of the public opposing the deal. Most recently, Graham faced dissent within his own caucus after three Liberal cabinet ministers and two other Liberal MLAs openly said they could not support the original deal.

After the ministers went public with their views, the Graham government announced it had amended the agreement with Quebec.

On Tuesday, Graham and Charest both portrayed the new deal as an improvement over the original.

Graham was asked which of the two deals he preferred.

"Oh, the finalized deal that we're going to be releasing tomorrow," he said. "I'm proud that our caucus has listened and brought forward their input in this process."

Charest said he also preferred the new agreement.

"In the end, it'll be, I think, a better deal," he said. "Better for Quebec and better for New Brunswick."

The Quebec premier denied that the backpedalling on the deal was due to anti-Quebec sentiment among some residents of New Brunswick.

"I did see the reports, and I don't share that assumption," he said.

"There are people in New Brunswick who expressed concern about the agreement. Fine. Both of us are mature enough and able to look at that agreement and say, 'Can we address some of these concerns?'"