In our view: Tell your premier, MLA how you feel about the sale of NB Power

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It is as we suspected.

The selling of almost all the assets of NB Power was announced in a memorandum of understanding on Thursday.

That utility we love to hate is not going to be here for us to kick around anymore. All those performance bonuses, yearly rate increases, mounting debt, cost overruns at Point Lepreau — they won’t be our problem anymore.

And we get $5 billion for it, plus residential rates will be frozen for five years. Commercial customers will get an even better short term deal: a 30 per cent rate cut.

The $5 billion will wipe out all of NB Power’s debt, which represents 40 per cent of the province’s debt. That reduced debt will brighten our financial situation considerably, and the reduced commercial power rates will help attract potential investors to the province.

It all sounds too good to be true. And you know what they say about those kinds of deals.

We’re not ready to go that far, because it’s far too early.

There is much to be discussed, debated and weighed, both in the legislature and in the court of public opinion, and far more information to be gathered.

Finance Minister Greg Byrne visited The Daily Gleaner before Premier Shawn Graham had even finished his deal announcement on Thursday. He and other cabinet ministers are making the rounds to spread the good news.

But his answer to several questions about the deal was, ‘there are still details to be worked out.’ While this appears to be a done deal, the finer points are yet to be written in stone, which means we still have a chance of influencing what those details are.

Although there are no town hall or public meetings planned, Byrne said his government invites feedback.

Therefore, we urge readers to gather and digest the details available today, watch for more as they emerge, and make an informed decision on whether this is the good deal our government is predicting.

Then make your voices heard in whatever way you can.

Telephone calls, emails and letters to your MLAs and the premier are good ways to start (1-800-533-3086 or www.lowerratesnb.ca). You can also write letters to the editor of this newspaper (letters@dailygleaner.com).

Premier Graham said on Thursday the deal is good for New Brunswickers. During his visit here, Byrne reiterated that message repeatedly.

This is a gutsy move in an election year. They could have waited until after next year’s election, but they chose to hang their future on this issue. They must believe it’s worth the gamble.

But this deal has implication that go far beyond any government’s lifespan. That’s why it’s vital that the public make its own decision on whether selling NB Power is ultimately good for them beyond a five-year rate freeze.