The people of New Brunswick own NB Power, not a few people who are trying to sell this as a good deal, basically selling the house to pay off the mortgage. The information below is in no particular order:

• Read about the PR firm the government hired with our tax payers dollars to sell this deal to us. The same company George W. Bush used to sell the war in Iraq.  

• And the same PR firm just hired a Jean Charest crony.  

• See Rick Mercer's take on this sale - it is sad, but true.  

• The claimed energy savings of $1,400 are overstated (source CBC).  

• Read a report by the Atlantic Institute for Market Studies about this MOU, here are some quotes:  \

...1. New Brunswick is to be paid a sum of money to reduce its debt and will receive a five year rate regime designed to provide significant relief to NB Power customers. After the five years, at least a portion of the rates will be potentially subject to a regime promising additional relief. The scope of savings after the initial period is speculative.

...2. New Brunswick will also be relieved of the risks inherent in some future costs related to NB Power. However, it will not be relieved of all cost and contingencies. Its residual costs will have to be recovered from New Brunswick taxpayers or NB Power customers.

...The principal part of the consideration provided by HQ is the payment of $4.75 billion, the "Cash Price", which is supposed to equal the total of all debt owed by New Brunswick relative to NB Power.

...The MOU does not require that these funds should be used to retire that debt, although that is the apparent purpose of the payment.

...The payment upon closing the deal, planned for March 31, 2010, will not be the full amount. An as-yet unspecified portion of this amount will be withheld until the Lepreau nuclear generator comes back into service, now forecast to take place in 2011. It may be as much as $1 billion.

...If Lepreau does not return to service, New Brunswick will not receive the full $4.75 billion. It is not now possible to know with certainty if the Lepreau refurbishment, already well behind schedule, will be successful.

...The Dalhousie, Courtenay Bay and Grand Lake facilities, the "Surplus Facilities", are to be shut down at the expense of New Brunswick. HQ and Genco will agree on the date they will be closed. (AT WHAT COST?)

...The MOU indicates that power supply will increasingly come to be supplied from resources not currently in service in New Brunswick. HQ is expected to supply power from its Quebec resources, especially after the two interconnections between the two provinces are improved. New Brunswick is expected to rely increasingly on supply from privately-owned, independent power suppliers after a competitive process. (TRANSLATION - NEW BRUNSWICK BASED JOBS MOVING TO QUEBEC)

...Genco will have to pay costs for decommissioning, shut down and site restoration for both the Surplus and Retained Facilities. For the Retained Facilities, HQ will pay Genco one year’s worth of the fixed cost payment for the Belledune or Coleson Cove, but will have no further responsibility.

...The MOU does not prescribe how Genco will obtain the funds necessary for closing the five generating plants aside from the HQ payment, which is not intended to be adequate to cover all costs. The MOU does not provide any revenue resource for Genco. (IN OTHER WORDS - WE HAVE TO START DIPPING INTO THE SALE REVENUE TO CLOSE DOWN OUR PLANTS)

...The risk for New Brunswick is that Lepreau does not again enter into service. In that case, the province would not receive the full cash price in the MOU. Perhaps even more serious, New Brunswick would remain responsible for the decommissioning of the Lepreau facility and all of the costs associated with it, existing Lepreau liabilities, and the deferral account.

...In this case, New Brunswick would face increased continuing costs for replacement power. It would undoubtedly seek compensation from Ottawa, but could face opposition on the ground that it had made the decision to refurbish Lepreau rather than decommissioning it. (THE COST TO DECOMMISSION LEPREAU COULD BE BILLIONS!).

...A principal advantage of the MOU for HQ is its acquisition of all of NB Power’s transmission and distribution facilities. Undoubtedly, it can be developed in a way to improve HQ’s access to the New England market. (WHY DOESN'T NEW BRUNSWICK TAKE ADVANTAGE OF THIS ACCESS?)