Tuesday, November 03, 2009

NB Power sold

Apparently there is an agreement signed with Quebec to sell it for $5 billion. It is like kid brother cannot look after it so he asked the big brother to take care of it. I don't know the financial situation of New Brunswick to knowledgeably comment on it, but it is sad that sovereignty over its power will be given to another province. It is clear that NB Power was badly managed over the years as it accumulated a $4.75 billion debt which is 40% of New Brunswick's provincial debt. Where would a small province like New Brunswick get $4.75 billion to pay off this debt? However, the New Brunswick government should have considered co-operating with Atlantic Provinces, especially Newfoundland, before going to Quebec as Danny Williams was interested. An Atlantic co-operation on energy would have been a much better solution.

By the way NB Power is on sale on E-Bay ;)

Latest bid I saw was $1,025. I will bid $1,026 or higher provided I succeed to buy it, then I should be able to sell it to Danny Williams. I think he will look after it well.

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