Warren Buffet Bails Out of Quebec Energy Project

Jinentonix

Executive Branch Member
Sep 6, 2015
8,114
1,230
113
Olympus Mons
https://business.financialpost.com/...project-in-quebec-due-to-challenges-in-canada


But the company’s decision not to invest in Énergie Saguenay “sends a signal that all governments and particularly the federal government should pay attention to,” said Tristan Goodman, president of the Explorers and Producers Association of Canada, which represents mid-sized oil and gas companies.
“We have to have foreign investment,” Goodman said. “We do need to ensure that major infrastructure projects can be built across the country.”
In addition, Berkshire Hathaway’s reported decision not to invest in a Canadian infrastructure project – even when other firms like Teck have pulled out of major projects – is particularly troubling because the company has a history of spending money when other investors are fearful.
“He’s a contrarian, which makes it even more of a message,” said Martin Pelletier, chief investment officer with TriVest Wealth Counsel Ltd. in Calgary.


I hope Blanchet chokes on this decision. Now we just have to wait and see if Team Groper will run to the rescue and cough up the now missing billions for the project. If the Fed spends even one penny on this project, it will send a clear message that Quebec is the only province that matters to this govt and that the ROC is on their own.
 

bob the dog

Electoral Member
Aug 14, 2020
609
441
63
https://business.financialpost.com/...project-in-quebec-due-to-challenges-in-canada
I hope Blanchet chokes on this decision. Now we just have to wait and see if Team Groper will run to the rescue and cough up the now missing billions for the project. If the Fed spends even one penny on this project, it will send a clear message that Quebec is the only province that matters to this govt and that the ROC is on their own.


Tough call on the infrastructure funding. The real problem imo is the greed of the contractors who milk the cost plus contracts for billions. Seems they are all playing the same game to bid low and hit them with extras and low productivity to stretch the job. Very sickening to a tax payer.

Saw it first hand at Keeyask. Always a possibility of payback over time with a hydro electric generating station and the next one likely to cost more than the last but it could have been done for one third the cost. A bottomless pit of money that left the country on the first train south. You'll never find the true number but likely over 10 billion wasted. Really sad part is the contractor only gets a small % so it is important to waste as much as possible.

Quebec has done a better job of managing and controlling their projects. Good luck to them on this one. Beautiful once they are finished.
 

Jinentonix

Executive Branch Member
Sep 6, 2015
8,114
1,230
113
Olympus Mons
Tough call on the infrastructure funding. The real problem imo is the greed of the contractors who milk the cost plus contracts for billions. Seems they are all playing the same game to bid low and hit them with extras and low productivity to stretch the job. Very sickening to a tax payer.

Saw it first hand at Keeyask. Always a possibility of payback over time with a hydro electric generating station and the next one likely to cost more than the last but it could have been done for one third the cost. A bottomless pit of money that left the country on the first train south. You'll never find the true number but likely over 10 billion wasted. Really sad part is the contractor only gets a small % so it is important to waste as much as possible.

Quebec has done a better job of managing and controlling their projects. Good luck to them on this one. Beautiful once they are finished.
Yeah and? Same thing is happening with the windmills. Derelict turbines are being left standing to rot and fall over despite the contractual obligation of the power suppliers to remove them at the end of their lifespans. In many of those cases, govts have been satisfied with not pressing the issue and simply putting the taxpayers on the hook for the clean up. Seems that the green energy industry is just as greedy about profits and unconcerned about their messes as the oil companies are accused of being.