New Brunswick Premier Shawn Graham (left) and Quebec Premier Jean Charest explain the original NB Power deal in October. (CBC)The New Brunswick and Quebec governments will unveil details of a trimmed-down version of the plan to sell NB Power on Wednesday.

Both Premier Shawn Graham and Quebec Premier Jean Charest described the revised deal Tuesday as better than the original, announced in October, which would have sold most of NB Power's assets to Hydro-Québec for $4.8 billion.

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

Graham faced another barrage of questions by the opposition Progressive Conservatives in the legislative assembly about the fate of the utility sale.

Graham later told reporters he prefers the revised agreement, despite saying in October that the original deal was the "best deal possible for New Brunswickers."

That proposed sale had been pilloried in New Brunswick since it was announced and it led to an internal Liberal caucus revolt last week.

The reworked deal will see New Brunswick retain ownership and control of NB Power, according to an internal Liberal email obtained by CBC News.

The email, sent out to Liberal Party members Tuesday, indicated the New Brunswick government will retain control of NB Power's transmission and distribution companies.

Those two companies have more than 60 per cent of NB Power's employees and oversee all the electrical 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," the email said.

Under the revised agreement, residential customers would still get a five-year rate freeze. But large industrial customers would now see their rates reduced by 23 per cent, instead of roughly 30 per cent in the previous deal.

Medium-sized businesses would have their rates reduced by 15 per cent, instead of having a rate freeze.

Power deal caused rift

Newfoundland and Labrador Premier Danny Williams told reporters in St. John's on Tuesday he is pleased New Brunswick has renegotiated its proposed deal to sell NB Power to Hydro-Québec. (CBC)The NB Power deal had also caused a rift between the Atlantic premiers.

Newfoundland and Labrador Premier Danny Williams and Nova Scotia Premier Darrell Dexter both opposed the sale. Meanwhile, Prince Edward Island Premier Robert Ghiz was trying to negotiate a deal with Quebec for his province.

Williams had argued that selling NB Power to Hydro-Québec would limit the energy ambitions of Atlantic Canada while enriching Quebec.

"The people of New Brunswick reacted," Williams said Tuesday.

"They heard what we were saying and obviously public pressure mounted, and Premier Graham, his cabinet and caucus heard it. And they obviously felt — because of the weight of the arguments and the importance of this to the future of the people of New Brunswick — they decided that they'd go back and negotiate a better deal."

Experts disagree

During a public forum Tuesday, two New Brunswick energy experts disagreed on whether the new proposal is an improvement on the first.

More than 400 people turned out for the event at St. Thomas University in Fredericton to hear energy experts discuss the planned sale.

When the forum started, it was evident to panelists that the original deal that they had intended on debating was dead, so they offered insights based on the media reports about the new proposal.

Bill Marshall, a consultant and the former president of the New Brunswick System Operator, said he supported the original memorandum of understanding despite some misgivings.

Marshall told the crowd the new deal is better because the province will keep control of the New Brunswick System Operator, an independent organization that decides who can use the electrical grid.

Yves Gagnon, the K.C. Irving chair in sustainable development at the University of Moncton, said the first deal was not good for New Brunswick and the one being announced Wednesday won't be much better.

"Instead of going to MOU [memorandum of understanding] 2, I think the government should have said, 'We've listened, you're not happy, we'll take a step back. We'll define an energy policy, we'll define a road map for the long term that will be for the benefit of New Brunswick,'" Gagnon said.