Friday, August 19, 2011

BC Hydro - ultimate comfort station for pretend capitalists

Rafe Mair, The Common Sense Canadian, Hydro Report: Death Knell for BC's Public Power?
"The dice were cast and they turned up snake-eyes. The Campbell/Clark government privatized BC Ferries and BC Rail and now it’s moments away from privatizing power by bankrupting our crown jewel – the much coveted BC Hydro and Power Authority.."
Postmedia Network is Canada's largest publisher of English daily newspapers and also the nation's leading contributor to waste paper recycling. After decades as a loyal reader of Vancouver dailies, I gave up buying hard copies a few years back. Online, I'm a headline scanner at Postmedia, using the RSS feeds. I seldom go deeper; the content is too predictable. There are industrial and commercial interests to serve and those always rank first in importance, while needs and concerns of common citizens are discounted or degraded.

For example, Postmedia papers, community rags included, blithely ignored the plunder of B.C. Hydro by Gordon Campbell and his political associates. Rafe Mair, Damien Gillis, Erik Anderson and associates have been telling this story at TheCanadian.org since 2008. I present a graphic that demonstrates how deeply Campbell's friends dipped into our pockets in one 12-month period. The future commitment to purchase power was under $8 billion in 2006, when the Campbell gang threw off their final restraints.
I didn't make up these numbers. In fact, the picture today is even worse because, in months following the fiscal year end, more surplus high cost electricity has been contracted for by BC Hydro. The public utility's liability to IPP's, according to March 31, 2010 financials, was $17.1 billion. That rose to almost $43 billion In a single fiscal year, demonstrating the fraud accelerated dramatically. (Numbers come from Notes to the Financial Statements by BC Hydro auditors KPMG LLP.)

Providers of private power generation face no marketing, revenue or cost risks.  They will have no unsold product, no price uncertainty and no selling costs. BC Hydro has become the ultimate comfort station for pretend capitalists.

Something happened with the Campbell government a few years ago. The Premier, his associates and beneficiaries simply lost the ability to constrain their own greed. Philosophically, many Liberal supporters agreed with privatization but they expected it would happen honestly. Instead, the public assets of British Columbia were treated like those of the former Soviet republics.

BCR's railway assets went into hands of the Premier's friends but its fabulous land bank was eased into private hands, almost without notice. Because the carried value for land on BCR books was far below its market value, the extent of the fourberie was not apparent. The corruption of this dishonest privatization may yet bring down the Campbell/Clark government but, in comparative terms, BC Hydro is even more egregious.
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2 comments:

  1. Campbell is the worst, most corrupt and evil premier ever known in Canada. Campbell didn't work for the people and the province. He worked for, the other snake in the grass, Harper.

    Campbell and Harper will steal your eyes, and come back for the sockets. Strangely, Harper fired Helena Geurgis, she is no where near Campbell and Harper's own evil.

    Campbell's theft and corrupt sale of the BCR, is noted as, the sleaziest crime in Canadian history. Campbell said, the BCR is only leased. Is the valuable real estate that went with the BCR, also only leased?

    Campbrll's theft and corrupt sales, of our rivers has caused, horrific eco damage. Our BC hydro, Campbell deliberately destroyed. Campbell is full of, hate, spite, malice, evil, and so vindictive, his sanity is suspect.

    Harper and Campbell, use such dirty tactics, neither one of them are sane. No-one in a normal state of mind, would ever be as low in character as, Campbell and Harper are.

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  2. Anyone else notice the media release from the IPP industry? Apparently the problems in BC Hydro are not their fault as the percentage of purchases from them is relatively small. I guess lying in the form of a media release turns it into the truth these days!

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