Emerson named CEO of B.C. Transmission Corp.
COMMENT: In this one week alone, the Globe and Mail has three items announcing new appointments for former federal minister and Canfor CEO, David Emerson. Two may be largely honorary, done for the corporate boasting rights, but the BCTC appointment indicates the expanded role transmission (budgets, projects, and electricity movement) will be playing in BC.
Another interesting factor that will have an impact on BCTC and the business it conducts, as well as on BC Hydro and the power it presently is well positioned to buy and sell, is the Montana Alberta Tie Line.
If an Alberta merchant power generator wants to sell to a US customer, it has to move its power through British Columbia or to a much lesser extent, through Saskatchewan. There is 1200 MW of transmission capacity between AB and BC. There is 150 MW between AB and SK, and that energy has a many more miles to travel before it finds a sizable US market.
The Montana Alberta Tie Line (MATL) is a proposed new 300 MW, 230 kV, international power line which would run from Lethbridge to Great Falls, MT. Once in the Montana grid, the power is available to the entire western North America market for which BCTC currently provides the primary gateway.
With a Montana routing for Alberta power opened up, one scenario for BC Hydro is a realignment of the price and availability of surplus Alberta energy that BC Hydro has purchased and resold, or used instead of BC-generated hydro power, for many years.
As of a week ago, the MATL had all of its Canadian and US approvals in place. But these are changing and uncertain times. The MATL, purely a merchant venture, relies on the commitment of users for its financial underpinnings, and some of those expressions of interest may not be expressed with quite as much certainty at the end of 2008 as they were months ago. If the MATL does start construction, David Emerson will have a new factor to consider.
Emerson named CEO of B.C. Transmission Corp.
Canadian PressGlobe and Mail
November 26, 2008
Vancouver -- Former federal cabinet minister David Emerson has been named CEO and board chair of B.C. Transmission Corp., which works in tandem with British Columbia Hydro in delivering electricity across the province.
He replaces departing chair Bob Reid and CEO Jane Peverett.
Mr. Emerson served in several federal cabinet posts, including Foreign Affairs and International Trade before deciding not to run again in the October federal election.
He says B.C. is already a North American leader in clean energy generation and transmission and he's looking forward to working with BC Hydro to develop the province's energy potential.
The Honourable David Emerson, P.C.
Farris, Vaughan, Wills & Murphy LLPGlobe and Mail
November 24, 2008
Farris, Vaughan, Wills & Murphy LLP, one of Canada's leading law firms, welcomes The Honourable David Emerson, P.C., formerly Canada's Minister of Foreign Affairs, to the firm as Senior Advisor.
Mr. Emerson obtained his Doctorate in Economics from Queen's University. Nationally he has held senior positions that include Minister of Foreign Affairs, Minister of Industry, Minister of International Trade and Minister for Pacific Gateway and Vancouver - Whistler Olympics. In British Columbia he was the Province's Deputy Minister of Finance, Deputy Minister to the Premier and later President of the British Columbia Trade Development Corporation. He has also served in leadership roles in the private sector, including as President and CEO of Canfor Corporation, the first President and CEO of the Vancouver International Airport Authority and Chairman and CEO of Canadian Western Bank.
Mr. Emerson has been deeply involved in the national public policy agenda, including economic policy, globalization and trade policy, transportation and logistics. In the private sector, he has undertaken the development of competitive global value chains and has been involved in strategically motivated financial restructurings, project financing and public/private partnership initiatives. He will assist Farris' clients in meeting today's practical demands and opportunities, provincially, nationally and internationally.
CAI lands Emerson
Andrew WillisGlobe and Mail
November 24, 2008
CAI Capital Management landed former federal Cabinet Minister David Emerson on Monday as a senior adviser to the $1.3-billion private equity fund.
CAI, a major player in infrastructure, added to its blue-chip roster by adding the former minister of foreign affairs and international trade. A senior member of both Liberal and Conservative cabinets, the Vancouver-based Mr. Emerson was also president and CEO of lumber company Canfor.
CAI was founded in 1989 by former Alcan CEO David Culver and veterans of Wall Street investment bank Salomon Brothers. Tracey McVicar, who heads CAI's Western Canadian operations in Vancouver, said: “Mr. Emerson's deep experience in international trade and his involvement with public/private partnerships will be of inestimable value to our firm in these challenging times.”
Last year, CAI was a central player in the $3.5-billion buyout of oil fields services firm CCS income Fund, one of the larger private equity takeovers done in 2007.
Posted by Arthur Caldicott on 27 Nov 2008