Thanks to Wikileaks!
We all remember Hydro-Quebec's bid to purchase New Brunswick Power right?
Below is a Wikileak note: It outlines a discussion between Quebec Premier Jean Charest and U.S. Ambassador David Jacobson.
"Charest also told the Ambassador that HydroQu????bec (sic) is planning to acquire the privately-owned Prince Edward Island power company," the document reads.
"The generating assets involved are quite small, but Charest said HydroQu????bec (sic) would be also acquiring important wind assets and environmental credits."
So the idea was to acquire all that is power in New Brunswick and PEI - now what to do with Newfoundland and Labrador? The answer to that is Emera - in the case of NB Power it was crown owned and PEI (Fortis) not as attractive without the NB deal.
Emera is the easy way in for Hydro-Quebec - and I believe they will take it.
Further the mess that Dunderdale will put Nalcor in with the giveaway deal on the Lower Churchill - will lead to an argument to privatize Newfoundland and Labrador Hydro to unburden us from the debt. Fortis will be there to pick up the pieces with Hydro-Quebec and NL will be left with nothing other than very high electric bills.
I trust Senator Beth Marshall is working on that loan guarantee from Ottawa - will that in any way help Fortis? Fortis very strong on nothing to do with Lower Churchill - no not upfront - what may happen after Emera enters?
Possibility exists that Fortis and Hydro-Quebec could own the whole works.
You never underestimate companies and rich shareholders who want more. They are very clever.
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