Newfoundland Power’s pole-sale axed by regulator

Bell Aliant’s repurchase of telephone poles from Newfoundland Power and Fortis Inc. for $57 million has been rejected by the Newfoundland and Labrador Board of Commissioners of Public Utilities. Newfoundland Power originally bought the joint-use poles from Bell Aliant in 2001 under a 10-year agreement. When that deal ended, Bell Aliant exercised its option to buy them back from Newfoundland Power. Bell Aliant booked the transaction during its 2010 fiscal year, though the telecom services provider noted at the time that the deal still required final regulatory approval. “Newfoundland Power is now reviewing its options, which include whether to seek leave to appeal the PUB decision,” president and CEO Earl Ludlow said Monday in a statement. The PUB decision was based on the ruling that Newfoundland Power failed to demonstrate that its customers would at least be no worse off after the sale of the assets.

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