The Scott Simpson story needs more discussion, as you know I wrote a series on pollution,burrard thermal and one particular story "Run of river is all but dead in BC".....Now as you know when Gordon Campbell hatched his private power scheme big revenue was starting to flow to the province,housing was booming south of the border,markets were up to record levels around the world but how quickly times change....Gordon Campbell took literally millions of dollars from Plutonic power and other IPP companies for his Liberal Gang`s benefit, Campbell promised them the moon, Gordon Campbell thought with yearly surpluses in the billions that he could siphon off a billion or two yearly to feed his American friends, he knew the media(the stooges) would be STILL occupied with fast ferries and the 90s to bother paying any attention to current affairs.
Well along came wallstreet, the best and the brightest bet trillions in derivatives, credit default swaps, a bunch of greedy,crooked con men fleeced the world for trillions of dollars,markets crashed,money dried up and so did Gordon (deranged) Campbell river of fool`s gold!
I suspected that Campbell,with a 4 billion dollar deficit and multi billion dollar deficits for many more years to come realized that there was nowhere to hide billions in power trading losses and ultimately he would have to back off and wiggle out of these power deals to his American friends.
So as you know the current spot market for electric is around 40$...Campbell has signed deals averaging 120$ a MWH, his only hope was for the BCUC to bail him out,which they did in july of this year, now of course Campbell having taken all this money from the IPP vultures had to put on a good show, he rattled BCUC`s cage, he removed Bob Elton as CEO of BC Hydro (which was surprising because BC Hydro has done everything Campbell has asked!) So what new has transpired since the fraudulent election, well in the toilet bowl speech(I mean the Campbell throne speech) Campbell talked of tearing burrard thermal down......Well, as of last month Leckstrom and Campbell have decided to keep Burrard thermal forever(a complete pullback of their earlier position) and this latest revelation (The Scott simpson Article in the Vancouver sun)
Why is that a revelation? because the Vancouver sun is Gordon Campbell`s biggest bought friend! The Vancouver sun didn`t have to air the Scott Simpson article, and, if you actually read the article Blair Leckstrom doesn`t dispute anything, Blair doesn`t dispute the guaranteed 100$ plus for IPP power, triple the going rate of the spot electric market in the last 5 years,Blair Leckstrom doesn`t dispute the fact that this IPP power is for export and that BC won`t need it, Blair doesn`t dispute the fact that if the spot market doesn`t go crazy(upwards) that we will lose billions, Blair Leckstrom doesn`t dispute Don Potts(who represents industrial power users in the province) ...Don Potts and industry are perplexed with how guaranteeing a huge profit for IPPs can only drive the rates for big industry through the roof, Don Potts has asked to see a explainable business plan, his request has been denied because the business plan doesn`t exist! Apparently the only business plan was written on the back of "Martini coaster" Blair Leckstrom also doesn`t deny the fact that power forecasters don`t expect hydro rates to reach 100$ for decades to come, so why did the Vancouver Sun run the story?
But what I really wanted to talk about is the BCUC....They rejected the power call from BC Hydro and the IPPs in july because of these reasons...."It`s not in the public interest" "The power which we don`t need for domestic use is way too expensive" ..." Buying expensive power in the spring freshet will have low value that time of year in the export market".....Those were just a few of the reasons the BCUC came to the right decision....
Well my friends,Gordon Campbell is ready to snap, Campbell will retire after the olympics and after he gives us the HST tax kiss good-bye...His ultimate good-bye gesture to the people of BC...Gordon Campbell only needs to stall the run of river decision a while longer before he has fled to Maui with Lara Daphinee....And Plutonic can look elsewhere for it`s payback, anyways,back to the BCUC....Since their july decision what has changed? Nothing, except this Scott Simpson article, how could the BCUC ever reverse their position when Blair Leckstrom states the IPP power is for export, and Blair Leckstrom admitted the Province will lose a fortune unless the spot market goes crazy, how can the BCUC reverse it`s decision when Don Potts and the industrial steering committee say....The deal CAN`T WORK....Blair Leckstrom has admitted to the entire province,and to the BCUC that BC Hydro and Powerx stand to be bankrupted if we proceed with this IPP power call at these prices,the only way the BCUC could grant a private IPP power call is....If the Contracts get re-written to protect the taxpayer.
The same people who caused trillions of dollars to vanish(Wallstreet) have the future of BCers in their hands,will Wallstreet drive the electric market upwards, no,it`s not going to happen, California is already almost double the cost for Electric than most states.
I was reading today,California has 13% unemployment,more foreclosures than any other state, counties,the state has set record deficits, so here`s the deal, Thermal solar power is making great breakthroughs in creating power,instead of creating electricity,thermal solar power uses magnifying type technology to heat water to steam thus creating power,power that can be stored in the form of heat, portable nuclear, wind power,more importantly personal windmill technology for individual home owners, 15,000,00$ and you can have 2000 watts of power,new appliances,arnie is even legislating electric consumption from T.V.s to be halved...and the biggest innovation is in LED lighting...25% of electric use in the USA is for incandescent lighting...LED lightbulbs are coming in strong, the price of the LED bulbs is falling fast, a LED light bulb uses 1/10 of the power of regular lights, so a person could have 10 led light bulbs running for the price of one,and, LED light is clean,white,bright,the best reading light,it`s the closest light to natural sunlight....LED bulbs cost about 30$ a bulb and or 60$ for a LED fluorescent...That price is expected to fall to a quarter of that price within 18 months, and with LED lights you don`t have disposal worries like you have with CFL lights.
So what does the BCUC do....If they grant the deranged Gordon Campbell power call they might as well resign now, how could any of them live with themselves, hydro rates are trending downward,consumption is trending downward, and with Californian`s already broke the high energy prices will not occur...In fact I was looking at hydro rates across the USA and besides a couple of eastern states California hydro rates are almost double the rates of 45 other states, in other words, if California wants to attract new residents or new business they will have to stay competitive, and yes,the USA is full of competition,and yes the wind,solar, run of river power, tidal power, you name any source of electric power there is one very important drawback in trying to force the price up,and,
That drawback is this,unlike oil,coal,nuclear,natural gas,unlike those sources of power solar,wind,tidal,run of river power cannot be stored. In other words, these soft power suppliers can`t withhold power to force prices up, with electric power either you use it or lose it! Electric power through run of river cannot be stored and held back, so no one is going to lock in for a 100$ MWH for 20 years when competition is abundant, now add Thermal solar and LED lighting and it`s a perfect storm, how many Californians are in a position to get jacked on their power rates, there is already millions of foreclosed empty homes in Cali.......
So again I find myself asking why was the Scott Simpson article aired in the business section of the Vancouver sun,the BCUC can`t dismiss the story,Blair Leckstrom has admitted all the dire possibilities are true...
Act I...Campbell is backtracking on private power but is letting the BCUC be the messenger with bad news.
Act II...Campbell puts on another huff and puff show as an illusion to try and convince IPPs that he is fighting for them...Yet already Campbell has flip-flopped on Burrard thermal.
Act III... The Scott Simpson article with all the facts laid open for the BCUC
Act IV...(the preview) Campbell retires after the olympics and before the hundreds of volunteers can gather signatures in Point Grey to have Derango Campbell recalled,private power loses it`s momentum.
Act V...(BCUC) allows a dribble of new power, which one...Naikun wind power, all in the name of the federal government and the province courting first nation`s peace.
Finally with Campbell resigning, the knives in the liberal party come out,all of them are political casualties,Falcon,Hansen,Bond,Heed and the rest are finished, there will be so much infighting, survival of the fittest, no one will wave the IPP flag and all the benefits.
Yes my friends, I hate Gordon Campbell, the only thing I give Campbell a two thumbs up about is......At least Gordon (deranged) Campbell is blowing up himself and the entire liberal Zombie Caucus on his way out.
The Straight Goods
Cheers-Eyes Wide Open