NB Power - Hydro Québec Myth Busters
Myth #1 This is a good deal for New Brunswickers.
The government signed this deal without even looking for a better price or deal where New Brunswick would retain control of NB Power and the decision-making process.
Myth #2 The government is telling New Brunswickers that NB Power’s situation is dire and urgent and that its debt is a burden on New Brunswick.
The Provincial Auditor General and all the major bond rating agencies have said that selling NB Power will have little or no impact on the Province’s credit rating. In fact, the government has never had to pay NBPower’s debt, the utility pays their own debt. NB Power has paid off over $1.3 Billion of it’s debt in the last five years, while also paying the province over $500 million in taxes and profits.
Myth #3 This deal will lower rates.
This deal will never, ever lower the rate of residential or small business electricity in New Brunswick. At the very best, this deal will defer 5 years of rate increases to New Brunswickers, at which time the freeze will lift and HydroQue?bec will recover those costs, according to the MOU.
Myth #4 Rates will only increase by the consumer price index after year 5.
In addition to the increase related to CPI, Hydro-Que?bec will set up a deferral account for the 5 year freeze period. Under this MOU, Hydro-Que?bec can incorporate additional service costs into the price of electricity – above the CPI increase. In other words, after 5 years, Hydro-Que?bec will incorporate all costs into the year 6 rate increase. In addition, any increase in energy use above current levels will trigger additional increases.
Myth #5 Control of Energy decisions will stay in New Brunswick.
Control of transmission and distribution goes to the system operator under all North American agreements, in this case that would be Hydro-Que?bec. The government is telling New Brunswickers that the province will still set Energy Policy – but what would compel Quebec’s government to follow New Brunswick’s policy? Section 3.1b of the MOU is extremely clear: “The regulatory governing the generation, transmission and distribution of electricity in New Brunswick will be altered to conform to the framework currently in effect in Quebec.”
Myth #6 This deal will create future big business opportunities in New Brunswick.
The rates that will be reduced to be on par with Hydro-Que?bec are for existing industry only. The “Heritage Pool” of power means that existing big business will get one rate and future big business will have to negotiate another rate. In Addition, all future industrial load increases would be averaged over all New Brunswick industrial customers.
Myth #7 This deal will give us energy security.
With one years' notice after this deal is closed (Section 4 d), HydroQue?bec may shut down New Brunswick’s remaining thermal power plants and with it, a large part of our ability to be self sufficient. To make matters worse, according to section 3.1.b.vi of the MOU, these decommissioning costs will be added to the rate of electricity in New Brunswick.
Myth #8 The government wants to consult with New Bruswickers by offering a toll-free number and a website.
The time for consultation was before this deal was inked. The time for consultation is during an election or referendum and the government is afraid of this option. The Premier has said publicly that this deal will go ahead.
Myth #9 This is a done deal.
The MOU says either party can walk away at any time– “it does not create any legally binding obligations by any party”. (Section 10.2)
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