Hydro-Quebec to buy NB Power for $4.75bn

29 October 2009– Hydro-Quebec and New Brunswick Power (NB Power) signed a memorandum of understanding for Hydro-Quebec to acquire most of the assets of New Brunswick Power (NB Power) for an amount equivalent to NB Power’s debt of $4.75 billion (US $4.45 billion). NB Power would continue to operate under its name.

As part of the agreement, Hydro-Quebec would acquire the 635 MW Point Lepreau nuclear power plant, several hydro facilities, the peaking power plants and the transmission and distribution assets of NB Power. Under the agreement, Hydro-Quebec would acquire most of the assets of NB Power.

The 1,050 MW Coleson Cove and 458 MW Belledune thermal generating facilities would continue to be owned and operated by the Province of New Brunswick, and would supply electricity to Hydro-Québec under tolling agreements.

The MOU sets a closing date of March 31, 2010. The closing date for the Point Lepreau plant would follow on or about Jan. 1, 2011, after the completion of the refurbishment project now underway.
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