There has been much ado in the news lately about the possible sale of Énergie NB Power, the crown corporation that provides electricity generation, transmission and retailing in New Brunswick to Hydro Québec, the corporation that serves the same purpose for the province of Québec.
This comes at a time when Atomic Energy of Canada Ltd (AECL) is several months behind schedule on the refurbishment of the Point Lepreau nuclear generating station, operated by NB Power, the same utility facing nearly $5 billion in debt.
There is a great deal of concern, not without merit I may add, that a purchase of NB Power by Hydro Québec could shut other utilities out of the lucrative markets in the energy-hungry united states, as the utilities in the provinces of Nova Scotia and Newfoundland and Labrador can only viably send power into these markets via New Brunswick, something that is rumored to be at risk should a sale to Hydro Québec go ahead.
This in and of itself shows that the sale may not serve the interests of New Brunswickers all too well, as the economic benefits of allowing jurisdictions to transmit power through the province could provide a source of funds allowing NB Power to maintain a reasonable revenue stream, but this would carry the negative of the province continuing to shoulder the billions in debt that the utility faces, something that would not be the case if the sale were to proceed.
Such talk has turned into a political minefield as well. There is no confirmation from the government of a deal at this time, although the government is stating that “Everything is on the table at this point” (NB Energy Minister Jack Kier). Whether this comes to anything remains to be seen at this point in time. Whether it serves the interest of New Brunswickers also remains to be seen.
All one can hope is that the government and NB Power management would do what is best for New Brunswickers. The people of the province should expect nothing less.
UPDATE: Premiers Shawn Graham and Jean Charest have announced a memorandum of understanding that will see Hydro Québec will be acquiring the majority of NB Power’s assets for an amount equivalent to NB Power’s debt. Details are available at lowerratesnb.ca or hydroquebec.com/media
