What’s this really all about?
There are a number of river projects on the horizon. These arise out of Independent Power Companies (IPPs) damming our rivers and selling the power to BC Hydro. (The companies don’t like to use the word “dam” and much prefer “weir”)
In order to be fully aware of what these projects are all about one must be aware of these points.
1. Far from being small operations they block up to 90% of the stream or river. To see for yourself, just go to the Ashlu project just north of Squamish. Not only do these projects kill fish by silting the river while construction is on, they permanently damage if not outright kill fish populations. As if that wasn’t bad enough, they must clear-cut large swaths of trees to build roads and erect transmission lines. They are environmental catastrophes and not only damage unto death the fish but do the same to the ecology the river sustains. The damage to wildlife is incalculable.
2. These are not little “Mom and Pop” companies but huge like Ledcor, General Electric and the Dupont Family trust.
3. BC Hydro has been compelled by the Campbell government to enter into sweetheart deals with these IPPs on a take or pay basis (Hydro pays even though it doesn’t need or use the power at double or more the export rate and 8 times more expensive than Hydro makes its own power.
4. Because the IPPs can only generate power when their rivers are high from the annual run-off, BC Hydro can’t use the power they generate. It has full reservoirs and lots of power of its own. This gives Hydro two choices – it can use the IPP power instead of their own, at 8 times the cost or they can sell it on the open market at less than ½ what they paid for it. It’s worth noting, I think, that we the citizens of BC are the only shareholders of BC Hydro and it’s us that’s getting ripped off.
5. BC Hydro is going broke according to economist Erik Andersen and can only be kept alive by raising electricity rates to industry and you and me. Hydro’s only alive on paper because it has been using an accounting procedure whereby they can take their accumulated losses, package them and say that because they are owed this money it’s not a loss but an asset!
No kidding! The BC Auditor-General in a recent report confirmed that and commanded them to change.
6. Over the years, BC Hydro has declared a very large dividend each year to our government in the hundreds of mullions of dollars. Hydro can no longer do that because of the foregoing so, guess what? They will raise your electricity bills so they have enough money to give you your dividend.
The Campbell government, looking ahead, has threatened, through the Betty Krawczyk case, draconian legal consequences to any who dare interfere with their plans.
I would call shame on them except they have demonstrated over and over again that they have no shame.
