New Brunswick government set to announce revised deal for sale of NB Power

The Canadian Press ~ The News
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FREDERICTON - The New Brunswick government has reworked the proposed deal to sell NB Power to Hydro-Quebec following a public backlash and criticism within the Liberal caucus.
The government's house leader, Greg Byrne, says caucus members voiced their concerns at a meeting last Tuesday, prompting a number of changes to the proposed deal.
Byrne says the amended deal got the support of all members during a subsequent caucus meeting on Thursday.
He says the full details of the amended agreement will be released on Wednesday.
On the weekend, a source told The Canadian Press that changes in the deal would reduce the amount of power rate reduction promised for industry in New Brunswick.
Under original terms of the tentative agreement announced in October, Hydro-Quebec would assume the major assets of the New Brunswick utility, including transmission lines, hydroelectric dams and the Point Lepreau nuclear power plant, for $4.75 billion, which equals NB Power's debt.
Residential power rates would be frozen for five years, and industrial rates would be cut by about 30 per cent under the original agreement.

Organizations: NB Power, Hydro-Quebec, Canadian Press

Geographic location: New Brunswick, FREDERICTON

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