24 March 2010

Graham abandons NB power deal

The deal to sell New Brunswick Power to Hydro Quebec is dead.

Both sides are pointing to risks and problems that turned up apparently by surprise.

New Brunswick Premier Shawn Graham said:

"However, over the past several weeks as we worked to take that agreement and turn it into a full legal document, Hydro-Québec has asked for changes to the agreement that would have unacceptably taken away some of the value and increased some of the risks for New Brunswickers."

And CBC reported:

Quebec Premier Jean Charest told reporters on Wednesday his province pulled out after its power utility found unanticipated risks and costs related to matters like dam security and water levels.

After due diligence was done, he said Hydro-Québec decided that "we were beyond what was acceptable."

It will be interesting to see what happens if the Tories win the next provincial election and have to cope with the NB Power debt pig.  So far their only bright ideas have been to oppose someone else’s bright idea.

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