Gwen and I raised three adult children in North Vancouver. Each lives in this community, as do our seven grandchildren. Before retirement, I worked in accounting and small business management. Since 2009, I have published commentary about public issues at IN-SIGHTS.CA.
BC Hydro will lose hundreds of million of dollars per year on Site C dam output, according to a Vancouver Sun article by economist Marvin Shaffer. Facing an installation cost double that of power from utility-scale solar or gas fired turbines, additional hydro-electricity is unneeded and unaffordable. However, in the face of an election, the board of BC Hydro, loaded with Liberal patronage appointees, is not about to correct its faulty course.
BC Liberals released the 2017 Budget and Fiscal Plan. The government elected by promising a “DEBT-FREE BC” forecasts total provincial debt will grow $11 billion to a total of $78 billion in next three years. Under Christy Clark as Premier, provincial debt will have increased $33 billion, which was the total debt accumulated in the 130 years after British Columbia became Canada’s sixth province. That $78 billion does not include the debt portion of contractual obligations, which total $100 billion but are not mentioned anywhere in 149 pages of the Budget and Fiscal Plan. The PR strategy is to never admit these exist or have impact. This is egregious dishonesty.
The 10-year increase, 2006-2016, in contractual obligations was $67 billion, while the regular provincial debt rose by $31 billion. That’s almost $10 billion a year increase in financial commitments by a government that claims they are creating “debt-free BC.”
If the liabilities owing producers were recorded routinely, provincial natural gas revenue would be less than zero in two of the last four years. In current dollars, BC’s gas income, including rights sales, declined by more than $2.5 billion, comparing 2016 to 2001. Of course, the volume of production was much higher in 2016.
It cannot be taken for granted that PPPs are more efficient than public investment and government supply of services. One particular concern is that PPPs can be used mainly to bypass spending controls, and to move public investment off budget and debt off the government balance sheet, while the government still bears most of the risk involved and faces potentially large fiscal costs.
Government forecasts that four year natural gas royalties total, 2017 through 2020, may be $926 million but that doesn’t deduct any growth in production tax credits that industry is accruing but government is not recording. In the past four years, the liability to producers increased by $1,158 million. If the liability for unrecorded credits – amounts that can be deducted from future royalties – continues to grow at the rate of the past four years, BC will receive no net gas royalties, provided that a more honest government begins to record the liability. There is already $2+ billion owed to producers.
We suggest a new paint job for the Liberal campaign vehicle: In case you don’t remember the old livery, here it is: Christy “I never tell a lie, but I may use alternative facts” […]
George Orwell: Political language …is designed to make lies sound truthful and murder respectable, and to give an appearance of solidity to pure wind. Although BC’s debt and obligations increased $99 billion in ten years, Liberals claim the province is “on track to be free of any operating debt by 2021.”
A guest post from Roger Bryenton P.Eng. (former), MBA, Energy Systems Consultant, Suzuki and SPEC elder.
BC residents have not been told the full truths about Site C and BC Hydro’s markets for electricity.
BC Hydro’s management are using deferral accounts and accounting trickery to conceal the company’s financial conditions and prospects and they are telling outright mistruths about demand for electricity by consumers in British Columbia.
Are there secret reasons why Liberals committed billions of dollars for Site C to produce power that BC consumers won’t need, even in the distant future? Have we had hints of why there is a rush toward what Premier Clark called the point of no return and what others called a route to nowhere? Do those reasons have anything to do with the rewarding habits of prime Site C contractors?
Jesse Brown’s Canadaland is an aweless romp through public affairs, mostly Toronto-centric but striving to pay attention, occasionally at least, to stories outside Upper Canada. Canadaland is on my podcast list and […]
The British Columbia Liberal 2001 election platform had 37 references promising improved democracy, increased accountability or more open government. Its 2013 platform had none, because the party had lost interest in the goals, not because they had been attained. If ever any party strayed far from principles that first got it elected government, it is the one led today by Christy Clark. If you doubt my assertion, read through A New Era for British Columbia. That document was prepared by Gordon Campbell and his associates. Some will believe that it was a pack of lies from the start. Others would argue — excepting the page 9 promise to “not sell or privatize BC Rail” — that the Liberal Party started with good intentions and lost its way, corrupted by wealth and power…
Three months before the 2013 provincial election, Christy Clark’s government issued a Speech from the Throne that made a few grandiloquent asseverations. Today, the 2017 Speech from the Throne was presented to […]
Looming disasters in BC, ON and LN have one thing in common. They are the work of Liberal government controlled and politically manipulated Crown corporations.
The set of facts that troubles BC Hydro executives most is the one that best reveals their deceptions. The consumption of electricity in this province has remained stable for a dozen years. In fact, the first half of the current fiscal year shows consumption is down by 2.1%, compared to the preceding year. Under its current Liberal direction, BC Hydro’s leadership forgets the company’s original purpose. Now, the aim is to deliver benefits to a tiny group of individuals and corporations and to have ordinary citizens pay the cost, whether it is affordable or not.
After days of claiming Official Opposition supporters were hackers engaged in dirty politics, Premier Clark finally made the walk back. Turns out there was no computer hacking involved; there was simply an error […]
My graphic illustrations of the decline in BC’s natural gas revenues – despite 2013 election promises of up to $100 billion in revenues related to LNG – should be read in conjunction with […]
Increasing IPP purchases and flat demand for power obviously means that BC Hydro creates less power to meet demand by its users in BC. However, massive spending means the utility employs more than triple the assets to produce one gigawatt hour of electricity than it did a dozen years ago. This is bad policy not explained by mere incompetence of management. We must conclude that the Liberal Government is directing the public utility, either to cripple it or to deliver billions of dollars to friends and supporters.
If Homer Stevens had been around and he learned the Gulf and Fraser Fishermen’s Credit Union (now G&F Financial) contributed more than five thousand dollars to BC Liberals, the labour leader’s voice […]
While watching tv courtroom dramas, we are often convinced of the truth by the first presenter… only to be turned…
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