Pension managers got huge salary increases; pensioners pay a price. The fiscal year that ended March 2020 was not a rewarding one for public pension funds run by BC Investment Management Corp. The rate of return earned was less than half that of the preceding year and failed to meet client benchmarks. While current and future pension beneficiaries did poorly, the people running BCI did swimmingly well. Regardless of whether investment returns are above or below conveniently flexible benchmarks, massive salary increases are given. For pensioners, this fits the old quip, “Heads they win; tails we lose.”
Norm Farrell
Gwen and I raised three adult children in North Vancouver. Each lives in our community with seven grandchildren, 12 years and younger. I have worked in accounting and financial management and publish IN-SIGHTS.CA with news and commentary about public issuesv.
Lies cost BC citizens billions
To gain public support for massive spending, BC Hydro is untruthful. To avoid taking responsibility for bad public policy, the Horgan Government pretends not to notice…
Platforms are for campaigning, not for governing
I remember reading Gordon Campbell’s platform in 2001. Based on the promises, I concluded Liberals were the logical choice for government. The trouble was, Gordon Campbell and the BC Liberals barely meant a word contained in the document A New Era for British Columbia. Despite Liberals not living up to their promises, they were reelected three times. John Horgan learned a lesson. Platforms are for campaigning, not for governing…
Why fixed election dates?
A person wise in the way of politics gave me his insight about fixed election dates. It’s worth a wider audience…
2020 election
A close observer of BC politics recently asked if I expected John Horgan to call an election before the scheduled date 13 months from now. My quick response was yes, Horgan will soon ask for a new mandate. The reasons…
Now for something completely different
Of course, these photographs represent something more to me than a 13 year-old’s regard for the beauty of our world. It represents the hope that the next generation will protect it…
BC Hydro Annual Report
In the fiscal year ended March 31, to its residential, commercial and industrial customers, BC Hydro sold 1.6% less electricity than in the previous year. The volume in 2019-2020 was slightly less than the 15 year average…
Energy policy undermined by special interests
Difficulty justifying billions of dollars spent to meet a need that has not existed is no real problem for people who benefit from the expenditures. After years of arguing falsely that more electricity has been needed to serve population growth, now they contend that vastly more capacity is required for electric vehicles…
Population change, economic growth and electricity consumption
It seems logical that a growing population and an expanding economy would need greater supplies of electricity. But de-industrialization and lighting, motor and other efficiencies changed the proposition. Reality over the past 15 years is something difference…
Site C per MW capex 7x that of Egyptian near-shore wind projects
Because domestic demand by BC Hydro’s residential, commercial and industrial customers has been flat since 2005, the need for Site C is doubtful. Because costs of alternative sources of electricity are substantially below the Peace River project, its completion is a mistake…
Saving or foregoing oil dollars is a choice
On the day Jason Kenney’s Alberta announced their single year budget deficit will exceed $24 billion, Norway advises it’s national wealth fund had passed C$1.52 trillion in value…
Good advice ignored
More than ten years ago, economist Erik Andersen and famed commentator Rafe Mair warned that BC Liberals had planted seeds of destruction in the bowels of BC Hydro. Indeed, the seeds germinated, spread invasively and debilitated the once proud utility. Citing five vectors, Andersen concluded the financial position of BC Hydro was headed dangerously downward…
Errors and alternatives
Three years ago, John Horgan’s Government promised the $10.7 billion budget for Site C would be firm, final and effectively managed. Three years before that, Liberal Energy Minister Bill Bennett provided assurance that the $7.9 billion dam budget had been fully reviewed by the world’s top experts. With an overly generous contingency, he said It was final, with nothing left to chance.
In 2020, BC Hydro admits it is uncertain how the dam can be made safe from catastrophe. Consequently, the amount of money needed to complete Site is unknown…
Absent watchdogs
Most journalists, particularly ones occupying the BC Press Gallery, have spent little or no time examining Site C, the costliest public project in BC history. In contrast, I remember daily headlines and aroused commentary when Premier Glen Clark’s government thought ferry construction would invigorate BC’s shipbuilding industry. In financial terms, the bungled fast ferry project was 1/20 the size of Site C, destroyed no valuable farmlands and disrupted no cultural sites…
Site C losses will be massive
With domestic demand in 2020 below that of 2005, the lies of BC Hydro’s spin doctors about demand growth are exposed by the company’s audited sales numbers. Site C power seems promised to natural gas producers and processors at less than 6¢ per KWh, which would result in operating losses at Site C approaching $500 million a year. Those could double if BC’s surplus power is dumped in export markets that are taking advantage of low-cost solar and wind power. With certainty of billions to be lost by completing Site C, the obvious choice is to suspend the project immediately. It would be the least-cost option…
Sarah Cox on CO-OP RADIO
Co-op Radio’s interview with Sarah Cox, the preeminent journalist covering issues surrounding British Columbia’s effort to ensure that NL’s Muskrat Falls is only the second worst hydro-electric project in Canada.
Site C: Government failure to safeguard the public interest
That Ralston, Horgan and colleagues knew about cost pressures and risks three years ago and chose to proceed shows the NDP wholly owns this fiasco. Had Site C been stopped in 2017, the loss would have certainly been less than the difference between the initial budget and the final cost. Probably far less, if lessons from eastern Canada apply…
Private profits but public risks – Updated
Commercialization of small-scale nuclear power has turned out to be far more difficult than investors expected a decade ago. Even one of the world’s richest entrepreneurs cannot finance a multi-billion-dollar program with an uncertain future. Nuclear may play a role in the 2030s but solar, wind and geothermal are viable power sources today…
Scraping the barrel bottom
The Trump campaign suggested journalists to be considered as moderators in 2020 Presidential debates. Jonathan Swan and Chris Wallace were not on the list. These people were…
Self-interest or public interest?
People promoting continuation of “energy self-sufficiency” are really saying that British Columbia should continue giving a unique and costly advantage to one particular industry, a sector that has grown used to taking in close to a billion dollars a year in above-market payments…
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