Hydro-Québec's acquisition of NB Power: A strategic decision that will benefit all of Quebec

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Added on 29 October 2009 in Press releases

Press release

Hydro-Québec's acquisition of NB Power:
A strategic decision that will benefit all of Quebec

Montréal, October 29, 2009 – The Board of Trade of Metropolitan Montreal welcomes with pride the signing of a memorandum of understanding regarding energy between the Government of Quebec and the Government of New Brunswick, paving the way to allow Hydro-Québec to acquire most of the assets of NB Power.

“Like all Montrealers and Quebeckers, the Board of Trade of Metropolitan Montreal welcomes the news of Hydro-Québec's purchase of the assets of NB Power with a great deal of pride,” said Michel Leblanc, President and CEO of the Board of Trade of Metropolitan Montreal. Today's announcement is testimony to the strength of the business model of one of the flagships of our economy. In a period of economic crisis like the one we are currently facing, this sort of acquisition is a strategic decision. Hydro-Québec has seized a unique business opportunity at the right time, both in terms of the conditions of financing and the anticipated growth in demand for clean, renewable energy.”

“In addition to the major economic benefits for Quebec, this transaction will also have an impact on the environment. Hydro-Québec's acquisition of NB Power will result in an optimization of the energy supply to New Brunswick. The gradual replacement of coal-fired power plants with clean, renewable energy will reduce the environmental footprint for future generations”, added Mr. Leblanc.

The Board of Trade of Metropolitan Montreal has some 7,000 members. Its primary mission is to represent the interests of the business community of Greater Montréal and to provide individuals, merchants, and local businesses of all sizes with a variety of specialized services to help them achieve their full potential in terms of innovation, productivity and competitiveness. The Board of Trade is Quebec's leading private economic development organization.

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Source:
Sylvie Paquette
Coordinator, Media relations
Board of Trade of Metropolitan Montreal
Tel.: 514 871-4000, ext. 4015
sylvie.paquette@ccmm.qc.ca