Under the terms of an MOU signed by the Premier Shawn Graham of New Brunswick and Quebec Premier Jean Charest, Hydro-Quebec will purchase all of NB Power’s hydro facilities, peaking power plants, the nuclear facility at Point Lepreau, and all the utility’s transmission and distribution assets. Thermal generational facilities at Coleson Cove and Bellevue would continue to be owned and operated by the Province of New Brunswick, supplying electricity to Hydro-Quebec under the terms of tolling agreements.
The deal – which will lower electricity rates for New Brunswick customers and wipe out NB Power’s existing debt – is expected to close in March 2010. NB Power would continue as a separate entity, headquartered in Fredericton, and will use the existing name and corporate identity.
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