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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
BC Hydro's Powerex pays $750M to settle California claims Energy minister says settlement won't raise prices for B.C. ratepayers
A BC Hydro subsidiary accused of manipulating energy prices during the California energy crisis more than 12 years ago will pay $273 million US in cash and offer the state electric utilities a credit worth $477 million in a settlement, the company announced this morning.
BC Hydro company manipulated U.S. energy market
Powerex is one of 60 electricity trading companies accused of selling power to California at inflated prices during the summer of 2000 and 2001 when areas of the state experienced shortages that led to rolling blackouts and other emergencies.
The settlement announced Friday by B.C. Energy Minister Bill Bennett and Powerex CEO Teresa Conway relieves the company of a potential $3.2-billion liability from the ongoing actions of the U.S. Federal Energy Regulatory Commission against the electricity trading companies.
"This settlement provides long-term financial and legal certainty and removes the risk in fighting complex legal issues in U.S. courts," Conway said.
bc hydro subsidiary manipulating energy prices... hmmm wonder if the parent company is doing the same
Give that a watch. I don't entirely get "neutral" from him, but he does a pretty good job of keeping it based on the facts.
In summation, he talks about run of river projects, and how the idea here is to destabilize the utility so that selling it off becomes palatable to the public as a relief. I'll tell based on my readings of what happens in 20 years from that in Nova Scotia is that your rates will soar to cover a private profit, and you will wish for a public utility.