Quebec, N.B. alter power sale deal
Last Updated: Tuesday, January 19, 2010 | 8:50 AM AT
The Canadian Press
New Brunswick and Quebec have made major changes to the proposed deal to sell NB Power to Hydro-Québec.
A document obtained by The Canadian Press reveals that New Brunswick's power transmission and distribution systems are no longer for sale.
The document says NB Power would continue to operate as a New Brunswick-owned and operated Crown corporation, employing more than 60 per cent of the utility's current workforce.
Under the original deal signed last October, Hydro-Quebec would assume all the major assets of NB Power, including the transmission system, for $4.75 billion.
The revised deal — according to the document — is worth $3.2 billion and would still include hydroelectric facilities and the Point Lepreau nuclear power plant.
New Brunswick's Liberal government has faced growing public opposition and dissent within caucus as a result of the proposed utility sale.
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