N.B. Premier Shawn Graham calls off $3.2-billion NB Power sale to Hydro-Quebec

Published on March 24, 2010; Published on June 20, 2010
The Canadian Press ~ The News

Topics :: NB Power , Hydro-Quebec , New Brunswick , FREDERICTON , Quebec

FREDERICTON - New Brunswick Premier Shawn Graham says he is no longer proceeding with the controversial $3.2-billion sale of NB Power assets to Hydro-Quebec.

Graham says changes sought by Quebec in recent weeks made the deal unacceptable for New Brunswick.

He delivered the unexpected announcement in the legislature today.

The initial $4.75-billion sale of New Brunswick's 90-year-old public utility announced last year included transmission and distribution assets.

At the time, Graham touted the deal as one that would reduce the province's staggering debt and lower power rates in his province.

But the deal was later watered down to a $3.2-billion deal for 10 power plants with transmission and distribution off the table.

The changes came after public outcry in New Brunswick and dissent from within Graham's Liberal caucus.

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