The construction site of the hydroelectric facility at Muskrat Falls, Newfoundland and Labrador is seen on July 14, 2015.The financial disaster that is the Muskrat Falls hydroelectric project has many authors. The most important may be the Stephen Harper government.
A decade later, Muskrat Falls has become a kind of infrastructure how-not-to guide. It is billions of dollars over budget, and it will take years to pay the bill – starting with the federal government’sAt inception, oversight of Muskrat Falls was given to Nalcor, the Crown corporation Newfoundland created to manage the province’s energy assets. Nalcor had no experience with such a project.
Mr. Harper, in the 2011 election, promised Newfoundland his support. In late 2012, Ottawa provided a $5-billion loan guarantee. A few weeks later, Muskrat Falls officiallyBy 2016, costs had surged to $11.4-billion. The Trudeau government threw some more good money after bad, upping the federal loan guarantee by another $2.9-billion.Muskrat Falls a “boondoggle” that was too big for Newfoundland’s needs. “It was a gamble. And it has gone against us.
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Newfoundland and Labrador, Ottawa agree to shield ratepayers from Muskrat Falls cost overrunsThe agreement announced today will scrap the financial structure agreed upon in past federal-provincial loan guarantees, moving to a model aimed at redirecting equity returns to ratepayers So where does THEIR money come from? Mars? No, taxes. What are the causes of the overruns? Mistakes? Changes in technology? Owner's preferences? Is anybody overseeing this project to make sure that it is being run as efficiently as possible? This sounds just so mysterious. Why? Tax payers pay to shield themselves from hydro hikes while private business jack rates up and charge through the nose to satisfy their greed and incompetence.. Help Hydro-Québec! G&M likes to talk of a level-playing field, no?
Source: globeandmail - 🏆 5. / 92 Read more »
Ottawa to renegotiate terms of Newfoundland and Labrador’s Muskrat Falls dealThe province is scrambling to protect ratepayers from a crippling spike in electricity rates stemming from the project’s cost overruns. globepolitics more political pie in the sky...
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