Category: Gordon Campbell

It will get worse for BC Hydro ratepayers

If you are paying attention to the affairs of BC Hydro, you know the utility in in financial trouble. However, it is electricity consumers that are feeling the pain. Unfortunately, with billions of dollars in phony assets to be written off, a growing power supply that outstrips static demand, payments to private power producers at three times market price and an an export market awash in surplus power, the economic agony dealt by BC Hydro will accelerate.

Indeed, power does corrupt

Throughout time, elites have commanded portions of national economies that are disproportionate to their numbers within the populations. Of course, that is an inevitable result of different capabilities, opportunities, risk tolerance, dedication and fortune. The distribution of wealth and influence will never be equal but if the imbalance grows too large, particularly if opportunities are class-restricted, a civil society will not function. The elites may hold dominance for a period through force but history demonstrates that order will disintegrate in a society of severe inequality.

After careful consideration, we’re screwed !

Locking BC Hydro into decades-long contracts (as much as 60 years) was a colossal mistake that ignored the likelihood of technological change. The cost of utility scale solar and wind power has dropped dramatically in recent years. As a result, BC Hydro will be paying tens of billions of dollars extra to private producers enjoying inflation protected prices far higher than alternative options.

Government based on lies

In 2001, BC voters were treated to a comprehensive set of lies. In 2005, promises were made for 400,000 new energy jobs. In 2013, Liberals claimed a trillion dollars of economic activity would result in as much as $260 billion of government revenues and a debt free province.