Thierry Vandal: Some people take over companies; the CEO of Hydro-Québec is taking over a province – or at least its power assets. He is the mastermind of his utility’s controversial $4.7-billion acquisition of New Brunswick Power. It caps a pretty good decade in which Mr. Vandal has been a major force in piloting this hydro-electric colossus. Who needs the oil sands when you have big rivers?Paul Chiasson
Hydro-Québec is more than pleased with the revised deal hammered out with New Brunswick for most of its power-generating stations but excluding its transmission and distribution assets, says president and chief executive officer Thierry Vandal.
"This is a simpler transaction, less costly at $3.2-billion. We're buying quality assets, getting access to an important market and obtaining access to the New England market," he said in an interview.
"Our major goals are intact."
In the revamped deal being announced Wednesday at conferences in Fredericton and Quebec City, Hydro-Québec is to buy the bulk of New Brunswick Power Corp.'s power-generating facilities but not - as initially proposed - its transmission lines and distribution system. That original plan ran into strong opposition in New Brunswick over fears of a loss of so-called energy sovereignty.
Mr. Vandal said it became clear over the past several months that the people of New Brunswick identify strongly with N.B. Power and don't want to see it disappear.
"That link will be maintained," he said.
For Mr. Vandal, the key in any deal was securing access to N.B. Power's 370,000 customers as well as increased transmission capacity into the U.S. Northeast across the New Brunswick-Maine border.
The revamped deal doesn't change Hydro- Québec's calculation that it will realize a 10-per-cent return on the investment, he said.