In Question Period on November 19, Opposition Critic for Energy, Mines and Petroleum Resources John Horgan was joined by Kootenay West MLA Katrine Conroy as they sought the Liberals’ rationale for the most recent deal between BC Hydro and Teck Cominco.
Teck Comino was looking to cover its financial losses by selling assets –a typical decision in these tough economic times. BC Hydro took $825 million of ratepayers’ money to buy one third of the Waneta Dam. Yet the dam, experts say, was only worth $500 million.
This happened right under the noses of Columbia Power Corporation, as they were never given the opportunity to bid on a dam for which they have the expansion rights. In addition, the surplus power being generated by Teck Cominco was already being sold to BC Hydro, so they didn’t buy the dam to get the power.
Our question to the Minister was why shut out CPC and pay more than market value for power that BC Hydro is already getting. Does the local community wants BC Hydro to own the dam? That can’t be it because Katrine Conroy pointed out that the Mayor of Trail, the Regional District of Kootenay Boundary, the United Steelworkers, and people from throughout the region have been making presentations to the BC Utilities Commission against this sale to BC Hydro.
An interesting fact in all of this is that Teck Cominco contributed $664,000 to the BC Liberal Party.
Watch the video of the questions at November 19, 2009 ~ Question Period: B.C. Hydro purchase agreement for portion of Waneta dam
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