Wednesday, August 25, 2010

 

BC Rail ... BC Hydro ... BC Ferries ...

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BC Mary comment: One of the very best international newspapers -- available at our fingertips for free -- is published daily on Salt Spring Island. Today Salt Spring News provides a shocking explanation for why there's a recall of U.S. salmonella-tainted eggs: 380 million eggs, distributed under 10 different brands in 17 different states, all from a single producer -- Iowa-based Wright County Farms. And lots more. 

Longtime readers will remember hearing me say, many times, that when we can open the files on what happened to BC Rail, we'll begin to understand exactly what went wrong with BC Hydro, BC Ferries, and all other public assets devalued, degraded, or given away since 2001. 

So here's Editor Jim Scott's insight into what's been happening in B.C. provincial affairs ...

Monday, August 23, 2010
Regional News

Civil rights—incomplete argument from an angry eye on British Columbia

Has he finally 'come undun'? By all rules of decency the Campbell government must resign.

BC Ferries, BC Hydro, BC Rail are very visible victims of Gordon Campbell's ideological commitment. But they are just the most visible signs of the almost total deconstruction of the province of British Columbia. The overwhelming majority of British Columbians have suffered, some far worse than others.

On July 20, 1871 British Columbia became a province of the dominion of Canada. That is 139 years. It will take that long to get back to where we were before Gordon Campbell began implementing his corporate master's battle plan—if we ever will. In those countries his masters have sent us to war with, people like Gordon Campbell are done away with - all but the most powerful bullies, thieves and liars are not tolerated in most places.

Economist calculates BC Hydro on path to ruin

Rafe Mair
The Common Sense Canadian
August 23, 2010

Visit this page for its embedded links.

Erik Andersen is a former Transport Canada economist with a long and interesting pedigree of examining the affairs of business and government. He has done a report for The Common Sense Canadian -- I am a co-founder and regular contributor -- on the state of BC Hydro.

The picture he paints is of a once rock solid Crown corporation placed on the road to fiscal ruin by the Campbell government. Andersen was asked to examine BC Hydro's fiscal situation, especially in light of the contracts they have been forced by the Campbell government to enter with Independent Power Producers (IPPs).

Andersen's report, entitled "Sinister Financial Vectors at BC Hydro," examines a number of "vectors" which "give information and direction and the magnitude of a changing position." Five such vectors, concludes Andersen, indicate the financial position of BC Hydro is headed dangerously downward. Those vectors are: ...

"As the evidence of need for more electricity is not apparent, the aggressive borrowing/investing/contracting with IPPs is clearly wrong."

In the same report Andersen describes, "BC Hydro borrowing/spending (on IPPs)" as "irresponsible of Hydro's Board and management as it has increased the risk of financial insolvency." ... There it is -- ruined rivers and their ecosystems for power we don't need and can't use. Power profits going to IPP-investor entities beyond B.C., including Warren Buffett and General Electric. And an iconic crown corporation, BC Hydro, hurtling towards bankruptcy, all thanks to Gordon Campbell and his hard right fiscal philosophy. ...

Dare we hope blowback is developing?

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