NB Power and Hydro Quebec deal approved
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An independent panel asked to study the proposed power deal between New Brunswick and Hydro-Quebec says the deal is good for New Brunswick. The six-member panel was commissioned by the provincial government to study the proposed $3.2 billion sale of 10 NB Power plants, including the Point Lepreau nuclear generating station.
Panel chairman David Ganong says the deal would result in lower power rates in the near and long-term and would reduce the financial risks associated with the aging facilities. The panel also makes a number of recommendations, including giving the province’s regulatory agency greater powers to eliminate any government interference in its decisions.
The Liberal government faces strong opposition to the plan and already watered it down from the original $4.75 billion proposal announced last fall that included transmission and distribution systems.
