FREDERICTON, New Brunswick — Hydro-Quebec’s proposed deal to buy power plants owned by New Brunswick Power has collapsed.
New Brunswick Premier Shawn Graham said today the $3.2 billion (Canadian) agreement fell apart when the Quebec utility sought changes that would have increased the risk for New Brunswick residents.
The deal was canceled after Graham met late Tuesday with Quebec Premier Jean Charest.
The original plan to sell NB Power, announced last October, would have seen Hydro-Quebec take over transmission and distribution systems in addition to power plants. But Graham later amended the deal to remove transmission and distribution assets.
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