Hydro-Quebec agrees to buy more energy assets

TORONTO (AP) - Canadian utility company Hydro-Quebec says it will pay 4.7 billion Canadian dollars ($4.4 billion) for the assets of New Brunswick Power, a deal that would help the company secure greater access to electricity markets in the U.S.

Hydro-Quebec announced Thursday that it expects to spend up to 25 billion Canadian dollars ($23 billion) over the next decade to boost its hydro electic output by 4,500 megawatts a year.

Much of that will be exported to the United States and Ontario since growth in the Quebec economy is not expected to need that much power.

The New Brunswick Power transmission lines will provide Hydro-Quebec with an improved route into the northeastern United States.