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BC's brilliant electricity export scheme: pay $750 million to California.

Re: BC Hydro's Powerex agrees to settlement in California claims

Twelve years of the Liberal government and Powerex/BC Hydro officials claiming that Powerex did no wrong.

That’s a bit interesting because it was not under the Liberal administration when this unprincipled opportunistic price gouging took place. That was in the winter of 2000-2001.

Look at the settlement: $273 million cash and credit to California electric utilities worth $477 million. We effectively give those utilities $477 million worth of electricity.

What is it costing BC Hydro to purchase some of that electricity today? Upwards of $100/gwh for some of the mix. What is it selling for in today’s western grid market? $30-$40/gwh.

Why are we doing this? Not because Powerex was guilty, but because proving absence of guilt was costing too much and “the U.S. court system can be unpredictable.” Seriously. Bill Bennett actually said that.

This is just disgusting. We will be paying every cent of this. It’s criminal.

Today it's BC's own government gaming British Columbians. Scummiest guys in the room.

Enron were once the scummiest guys in the room, screwing California during that period. In the legal $#!+fest that followed, a piece of evidence that was gathered were these notes from an Enron trader. You’ll see Enron's colleague and buddy Powerex mentioned right at the top, gaming the target price.
http://www.sqwalk.com/q/sites/default/files/fromEnronNotesImplicatingPowerex.gif

 

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