BC Hydro to cut 10 power deals, defer 9 others
Aug 30, 2013 / 6:58 pm
Energy and Mines Minister Bill Bennett says BC Hydro expects to cancel 10 agreements to buy private electricity and defer nine others as it looks for ways to cut costs for consumers.
The announcement comes one week after the utility released a report announcing four agreements had been cancelled and others were under consideration, and only one day after Bennett made similar comments publicly.
Bennett wouldn't identify any of the companies involved but says they didn't meet their contractual obligations, and the projects were in the early stages of development and were raising money or had completed some site preparation.
As part of the cancellation, Bennett says the utility has agreed to pay some of the companies' "sunk costs," such as environmental studies, work with First Nations, engineering drawings and site preparation.
Bennett says paying those costs will be less expensive for BC Hydro in the long run than paying courts costs.
Joe Foy of the Wilderness Committee calls the cancelled agreements "dead ducks," adding BC Hydro and the provincial government need to cancel more contracts in order to save even more money and protect the environment.
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