Breaking, Another BC LNG Project Dies...Steelhead LNG, an LNG proposal that was Dead the Day it was announced

Bamfield...The land Time Forgot....Bamfield area should never have been proposed for a massive giant polluting LNG terminal..

http://powellriverpersuader.blogspot.com/2009/09/bamfield-land-time-forgot.html


This good news is...Steelhead LNG died it's inevitable Death..




This is no surprise.....another B.C. LNG proposal bites the dust...

February 18/2019.......


It's official......The LNG ponzi scheme known as Steelhead LNG is now dead and buried....This outfit had no money, no other LNG business, this was a group hoping to try and OTHERS to drop cash into their ridiculous project...Steelhead LNG wanted investors to pay $billions for everything while they merely reap the profits without spending any of their own money...This proposal, as I wrote was always a pump n dump scam that was never viable....They were proposing a floating facility on the West Coast near beautiful Bamfield...a wind swept paradise near the Broken Group of Islands...They proposed a pipeline from NE BC...all the way to Powell River, than another pipeline across the Georgia Straight(Salish Sea)...than another pipeline across Vancouver Island..through untamed land, mountains, river and valleys....The pipeline crossings..three in total would have cost $15 billion dollars....the proposal was so pathetic, considering they were proposing a "floating facility built in China/South Korea...barged to BC and hooked up to a pipeline...what made the proposal so mind-numbing stupid...a sloating facility could have been placed in Prince Rupert, or Kitimat and save $10 billion dollars...I knew that nobody, no fool would ever bankroll this stupidity...

The sad part of this whole episode...Vancouver Island First Nations were strung along, used as pawns, promised monies and prosperity, dozens of town hall meeting were conducted, votes among the nation were conducted, it created friction and divided the nation...Those wanting to preserve paradise against those who drank the kool aid...those that drank will now have to bow their heads and come back to reality...

The LNG curse continues...this madness needs to stop, we have a planet to protect...John Horgan is a kool aid drinker too....He's about to announce more gifts to LNG Canada...LNG Canada is second guessing the project and once again are asking for even more taxpayer dole....Not only that."LNG is a bridge fuel too far"......BC will only lose money on LNG Canada's $3 billion dollar ONLY investment in BC....not $40 billion....

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Steelhead LNG has stopped work on the Kwispaa LNG project in Sarita Bay on Vancouver Island’s west coast, throwing the project into doubt.

Huu-ay-aht First Nations Chief Councillor Robert Dennis Sr. and Hereditary Chief Derek Peters posted an open letter to its citizens on Feb. 15 saying that they had been notified by Steelhead LNG about the stoppage and are “deeply disappointed” in the announcement.

“We are saddened by the decision of Steelhead LNG. Huu-ay-aht First Nations is a self-governing, modern treaty Nation, and we will continue to pursue our vision of establishing a healthy, prosperous and self-sustaining community, based on our three sacred principles: Hisuk ma cawak (everything is one), ?uu?aluk (taking care of…) and ?iisaak (greater respect),” Dennis Sr. and Peters wrote.

 Steelhead LNG manager of communications Matt Skinner said the decision to cease work on the Kwispaa project comes down to economics. “Given the current environment in B.C., investors really need a greater degree of certainty before investing in a project such as ours,” he said Monday. “We’ve paused (work) on Kwispaa for now and are evaluating.”

He said unlike larger energy companies, Steelhead does not have revenue to depend on to fund projects such as Kwispaa. “Steelhead is funded by investors.”

He said last week’s throne speech by the B.C. government had no bearing on Steelhead’s decision. “It comes down to the challenges that exist in getting funding for these kinds of activities.”

Steelhead had already completed preliminary engineering on Kwispaa and was to begin detailed design work in early 2019. The first phase of Kwispaa was estimated to be $10 billion, with the second phase costing an additional $10 billion. This would not have included a pipelines, which was a separate part of the LNG project.

Huu-ay-aht will evaluate what the decision will mean to their business plans in the coming days and said they will update their citizens with more information at the end of February.

“Huu-ay-aht remains committed to pursuing initiatives for meaningful economic reconciliation where we create opportunities to generate value in a global context and create employment and revenue opportunities locally,” Dennis Sr. and Peters wrote.

Skinner said Steelhead LNG has not completely pulled out of the deal, but there are no plans to continue forward at this time.

https://www.albernivalleynews.com/news/steelhead-lng-stops-work-on-kwispaa-lng-project-near-bamfield/

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John Horgan and LNG Canada are promoting a fraud...There is NO $40 billion dollar investment in BC...we are talking a mere $3 billion...Labour and accommodations is all LNG is spending in BC...for that honour we are building Site C and giving $10's of billion in taxpayer gifts...BC will not make a dime on LNG Canada...it will cost us money.....The Straight Goods...Cheers Eyes Wide Open

You can read the real facts on LNG Canada here....

http://powellriverpersuader.blogspot.com/2018/10/lng-canadas-not-40-billion-dollar.html

http://powellriverpersuader.blogspot.com/2018/10/lng-canadafacts-versus-fiction.html

Not quite gone ... but stepping back a bit! WCC LNG puts pause on Tuck Inlet ambitions

 http://northcoastreview.blogspot.ca/2017/12/not-quite-gone-but-stepping-back-bit.html

And this project is for all intents and purpose,,,,is dead too....Two proposed LNG projects fade to black in one week...

Steelhead LNG and Malahat Nation scrap Saanich LNG project

https://www.biv.com/article/2017/12/steelhead-lng-and-malahat-nation-scrap-saanich-lng/


We here at The Straight Goods nailed the LNG file....all those industry experts, pundits, spindoctors, along with our MSM media cheerleading LNG all the way....I bested every damn one of them, by a country mile....My take-down of the LNG file wasn't political, wasn't a witch-hunt....I based my assertions on economics, location, competition, market needs and demands..and the price...I wrote this early in 2015....

British Columbia LNG Industry, The Last Gas(P)....A Straight Goods Special

http://powellriverpersuader.blogspot.ca/2015/08/british-columbia-and-lngs-last-gaspa.html

I called it over then....cutting edge folks, lot of time.....meanwhile...let's turn for a moment to our latest battle....Site C...We got to stop it..


{Just a note...Join me(Grant G), Norm Farrell and Canadian Glen for a Special Blogtalk radio program on December 6th/2017...6:00 pm to 8:00 pm...the topic is....Site C..}

http://www.blogtalkradio.com/canadianglen/2017/12/07/do-canadas-dam-disasters-come-in-3s-muskrat-falls-keeyasksite-c

https://www.theviewuphere.ca/

Here is a previous Blogtalk special program...."LNG, A Bridge Fuel Too Far"\

http://www.blogtalkradio.com/canadianglen/2017/01/12/lng--a-bridge-fuel-too-far-with-grant-g

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We will discuss the myriad of economical reasons, and environmental reasons to kill Site C....we'll delve into how we got here..the hideous BC Liberal 2004 Clean Energy Act....a brutal piece of legislation that was rammed through our legislature by a BC Liberal majority...."The Clean Energy Act" not only shut the door on the BCUC reviewing Site C...The "clean energy act" also forced BC Hydro to buy inflated IPP run of river power while simultaneously preventing BC Hydro from building any of their own run of river projects....Site C..The boondoggle...It was the BC Liberals' "Clean Energy Act" that set the stage in bankrupting BC Hydro..and set the stage for skyrocketing electricity rates, and set the stage for shutting out everyone, including the BCUC on reviewing Site C.....

BC Liberal Clean Energy Act got us to this terrible place....Clean Energy Act needs to be ripped up, amended, eviscerated....It's the Clean Energy Act of 2004/20008 that is hamstringing the BCUC today...and it's providing John Horgan a headache...or an excuse...Time to amend the Clean Energy Act...time to Kill Site C...

This unknown to most BCers(clean energy act) is the poisonous BC Liberal legislation that is about to bankrupt BC Hydro and send ratepayers to the poorhouse......We will tear down this legislation from cover to cover....in the meanwhile....Another LNG project/proposal fades to black..as in KAPUT.....

http://www.bclaws.ca/civix/document/id/consol24/consol24/00_10022_01

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 Back to my post...

Steelhead LNG pulls out of proposed Malahat LNG project in Saanich Inlet

Posted By: Ben O'Haraon: December 01, 2017In

https://www.cheknews.ca/steelhead-lng-pulls-proposed-malahat-lng-project-saanich-inlet-393733/

"Steelhead LNG will no longer be looking at building a floating LNG processing plant on Malahat First Nation owned Bamberton industrial lands.

The project was announced for the Saanich Inlet south of Mill Bay in August of 2015.

The proposed floating liquefaction facility moored to shore would have had capacity to process up to six million tonnes of LNG per year.

It immediately proved controversial garnering stiff opposition including from other First Nations in the area.

Late Friday, Steelhead LNG confirmed it is no longer moving ahead with the project.

A statement on the Malahat LNG website reads,

“Steelhead LNG made the decision after careful consideration and based on several factors as
we look to develop a project that delivers low-cost LNG that is globally competitive.”

It was estimated at the time it was announced that, when fully operational,  the project would would create 30 years of revenue for the Malahat Nation and would create 200 full-time jobs.

“Steelhead LNG would like to thank and acknowledge the many Malahat members who contributed more than 2,200 hours of work as Field Assistants on the early environmental studies,” the statement reads.

The company did say it continues to pursue another LNG project on Vancouver Island near Port Alberni."

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Here is what I wrote about Steelhead LNG in 2015

British Columbia LNG Industry, The Last Gas(P)....A Straight Goods Special

Written by Grant G


"A fool and their money soon part ways".....

Seems to me that every time devastating news on the world LNG front rears its head out comes a British Columbia made LNG spin story, yesterday was no different, articles and newscasts came out blazing, ...The proponent,...Steelhead LNG

Steelhead`s proposal, a floating LNG operation near Mill Bay on Vancouver Island and a $30 billion dollar LNG liquefaction plant in Port Alberni..

 http://www.vancouversun.com/news/metro/Floating+plant+proposed+Saanich+Inlet/11305428/story.html

This proposal will never happen, never be built, a foolish pipedream, ...Steelhead LNG is not an energy company, they have no assets, they own no LNG facilities, they own no upstream drill properties, Steelhead LNG is a group of people, including BC Liberal Geoff Plant and some other people with expertise in the energy game, but to be clear they have no financial means to back up their silly proposal..

I feel bad for Vancouver Island First Nations who have drank the LNG koolaid...

Steelhead LNG proposes a pipeline from northeast British Columbia to our southern B.C. coastline, from there another pipeline on the bottom of the Georgia Straight, from there a pipeline to cross Vancouver Island to BC`s wild west coast, (Sarita Bay)...In Sarita Bay Steelhead LNG proposes building a $30 billion dollar liquefaction plant, ..Thus having massive LNG tankers traversing the wind-swept Alberni canal, a waterway that is winding, very narrow, where winds whip up to 100 miles per hour on a regular basis, winds that come out of nowhere, regardless of the weather, the Port Alberni canal is a natural wind tunnel, winds race through the canal without a cloud in the sky, winds in the canal are thermal dynamic driven...The canal is also full of fishing vessels, both sport and commercial, the canal is also a tourist destination with fishing lodges and camp-sites from end to end...

This project will never happen, for two reason, the first being the risk to tourism, to salmon, to life itself, the canal is too small and too windy to ever have that kind of operation approved..

The second reason why the project will never happen is money, Steelhead has no financial means and no bank or money lender will ever sanction such an expense on an industry gone/going bust."

 http://powellriverpersuader.blogspot.ca/2015/08/british-columbia-and-lngs-last-gaspa.html

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For those interested....Here is how Gordon Campbell's "Clean Energy Act" has severely crippled BC Hydro's financial position....

Gordon Campbell in about 2004 mandated by the act that BC Hydro become self sufficient in power needs....BC Liberals argued at the time that BC Hydro was a net importer of power, ...Clean Energy Act mandated that BC Hydro become self sufficient...

That though depends on how you interpret the importing and exporting of electricity...

What BC Hydro has done successfully for decades(until BC Liberals messed everything up)...was sell power at peak pricing and import almost free power at night from neighboring jurisdictions...BC Hydro would let all their storage capacity build up at night...then sell at peak periods PST 5pm to 9pm....BC Hydro would buy almost free power at night, the reason..Alberta's grid power..N Dakota grid power doesn't shut off at night, these jurisdictions must either dump the power they're producing for nothing/free or sell it dirt cheap to any and all takers....

BC Hydro would use their storage advantage.....save storage and sell at peak to California and other points south...this worker out very well for BC Hydro and their ratepayers....

Clean Energy Act put an end to that practice....The Act mandated BC Hydro have all the power they need without buying cheap imported late night grid power....

The Clean Energy Act did something else.... By law, BC Hydro was prevented in building any of the new supply of power they needed.....The ACT strictly prohibited BC Hydro from building anything except Site C...so..energy tenders were sent, and BC Hydro was forced to buy energy from lucrative run of river contracts..guaranteed returns for 60 to 100 years...BC Hydro can do run of river..it is simple technology, ..divert river water through tunnels or pipes with generators then water returns to the river...simple technology, ..rather than BC Hydro build themselves...a goldrush set off in the run of river game, BC Liberal insiders made out like bandits....BC Hydro was shaken down by bandits...

$100s of million per year in losses...now BC Hydro starts deferring debt..today, $6 billion plus in deferred BC Hydro debt/ratepayer debt...

Clean Energy Act did more....The Act mandated that Burrard thermal shutdown...that is/was our emergency nat-gas power supply..used only sparingly for winter peaking..Burrard thermal was upgrade and is one of the clean gas burners in the world....

BC Hydro could no longer use Burrard thermal, that power too had to be replaced...more run of river, more BC Hydro debt..

as of now, IPP run of river power accounts for 25% of BC's electrical grid but consumes 75% of BC Hydro's revenues!...

However...back when the Clean Energy Act was written...BC Liberals knew not of LNG...LNG, the $trillion dollar prosperity windfall, that gimmick arrived in BC in 2012 under Christy Clark...not only was BC going to get filthy rich...They told us we will clean Asia's airshed with our "clean LNG"...

That's right, ..when the Clean Energy Act was written...BC Liberals called gas power plants dirty...now their regardless as clean....Think about it...We as a province, even today tout the benefits of clean LNG...Yet the Clean Energy Act precludes it's use in BC...and the BCUC was not allowed to consider LNG(natural gas) as an energy replacement source for Site C...

We could build a Clean burning natural gas power plant anywhere in the province, the cost would be less than $2 billion dollars and produce more firm power than Site C...! fact.

So..right now the Clean Energy Act is hamstringing both John Horgan and the BCUC.....

It do't have to be that way....

Clean Energy Act also set out out GHG reduction laws....By law, BC must reduce GHG levels by 33% of 2007 levels by 2020.....That was the law...

Back to that LNG thingy....Guess what the BC Liberals did in their last year in office....They of course were chasing LNG prospects..that didn't turn out to well...but, nevertheless, If Petronas hbuilt..or Chevron had built their proposed LNG liquefaction plant....They were going to be burning natural gas to create power..Petronas would have added 25% to BC's entire provincial emission's level on it's own...

So...BY by law...BC had to reduce our GHG levels by 33% of 2007 levels by 2020.....if we had 2 le LNG plants our emissions would have gone up by 50%....as of 2016...BC had not reduced GHG emissions at all...4 years til 2020 and we are not going to reach that target..if LNG came to BC...targets not missed, targets blown away...

What were the BC Liberals to do?....Simple...Last year the BC Liberals used their majority, and that GHG 2020 reduction law contained withing the Clean Energy Act was taken out..removed, gutted..the LAW was amended to new a reduction target date..that being 2050...

In other words...When the Clean Energy Act got in the way of LNG...When GHG reductions were not going to be meant...what did the BC Liberals do....They amended The Clean Energy Act...

John Horgan can do the same...Burrard thermal can be used for winter peaking if needed...BC Hydro should be able to buy almost free late night power...BC Hydro needs to go back to the old ways of making money....

There is no way in the world British Columbia can tout LNG as the cleanest burning fuel, promote it..yet tell the world BC is too good for natural gas power.....No, government of BC can't say no to natural gas, for if, ....for if BC gets a big LNG pl or two....they'll be burning natural gas by the bucket loads to chill natural gas down to a liquid(LNG)....An LNG liquefaction will be BC's highest single point GHG emitter...

What does a new NDP government need to do?...they need to amend Gordon Campbell's hamstringing Clean Energy Act.....get it out of the way and go KILL SITE C..

Batting a 1000% friends....let's keep this party going..

The Straight Goods

Cheers Eyes Wide Open