There is also the curious case of the Macquarie group which is a prominent fiscal agent for the B.C. government and other public agencies and itself a big player in the P3 game.
…Risk Metrics critiques the financially-engineered infrastructure model for its high debt levels, high fees, paying distributions out of capital rather than cashflow, overpaying for assets, related-party transactions, booking profits from revaluations, poor disclosure, myriad conflicts of interest, auditor conflicts and other poor corporate governance.
…The above situation was made clear, by private letter, to Premier Campbell yet the Macquarie Group continues to take part in P3 operations with the province and is still prominent in P3 contracts here.
Worm Turns for Private Power
…no sane government would:
– Forbid BC Hydro from developing any new public power projects (Site C, exempted, is not a “new” project – it’s been on the books for decades)
– Give all development to private companies with secret sweetheart deals
– All but give them licenses to use our rivers (the original price for a private power water license was around $170)
– Force BC Hydro to buy this private power at almost 3 times what they pay for it or some 9-12 more than they can make it themselves, thus placing BC Hydro in a position that if they were in the private sector, they would be headed for bankruptcy.
Thank you Rafe Mair.