FREDERICTON, N.B.  - Hydro-Quebec would get the majority of NB Power's assets under a proposed agreement worth nearly $5 billion signed today by Premier Shawn Graham and Quebec Premier Jean Charest.

According to the memorandum of understanding, Hydro-Quebec would buy the assets for $4.75 billion _ an amount equivalent to NB Power's debt _ giving Quebec greater capacity to export power to the United States.

Those assets include transmission lines, offices and most generation facilities including the Point Lepreau nuclear power plant.

The premiers of Nova Scotia and Newfoundland and Labrador have warned the deal would give Hydro-Quebec a monopoly that could hinder other power development in the region.

But Graham says there will be opportunity for public debate before the closing date of the deal at the end of March 2010.