Under a deal originally announced in October 2009 and amended in January 2010, Hydro-Quebec had agreed to acquire most of the assets of NB Power of New Brunswick, including seven hydro facilities, two peaking power plants, the nuclear facility at Point Lepreau, and transmission and distribution assets.
However, Graham said that, during the process of moving from an agreement-in-principle to a legal contract, Hydro-Québec proposed further changes that were not in the best interests of New Brunswick. The government will now look at other alternatives to address the challenges facing NB Power and the electricity situation in New Brunswick.
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