David Raymond Amos @DavidRayAmos
Replying to @DavidRayAmos @alllibertynews and 49 others
Methinks the little Buggie named Lou who often lands on my shoulder and chirps in my ear is having a bad day just like her heroes Higgy and Holland no doubt are N'esy Pas?
https://davidraymondamos3.blogspot.com/2020/02/nb-power-spending-on-private-sector.html
https://www.cbc.ca/news/canada/new-brunswick/nb-power-private-sector-spending-questioned-1.5457730
NB Power spending on private sector projects questioned
Utility is spending $1.3 million this year helping Maritime Iron study its Belledune project
· CBC News · Posted: Feb 10, 2020 7:30 AM AT
The proposed iron-ore processing plant in Belledune would use the existing NB Power conveyor system to move materials from port to the facility and send exhaust gases into the generating station's boilers. (Elena Mantagaris/Maritime Iron)
NB Power is spending $1.3 million this year helping the cash challenged backers of a proposed iron ore processing facility in Belledune investigate its feasibility. The expense has triggered a debate whether the utility is properly following directives from the Higgs government to focus on its own debt problem.
Last November, NB Power received a "mandate letter" from Mike Holland, provincial natural resources and energy minister, laying out how the Higgs government expects the utility to conduct itself, emphasizing debt reduction "first and foremost."
In his letter, Holland said he wanted NB Power to pay off about $500 million of its $4.8 billion debt by 2027 to increase equity in the company to "at least" 20 per cent of its total worth.
Mike Holland, the natural resources and energy minister, sent a mandate letter to NB Power in November telling it to focus on its debt and help the province build a low carbon economy. (Radio-Canada)
"This target should come first and foremost in utility planning and may require eliminating investments in other endeavours such as research and business development opportunities until the equity target is met," wrote Holland.
Last month Premier Blaine Higgs reinforced that directive during his televised state of the province address.
"I have asked NB Power to immediately develop a plan to reduce their unacceptable debt level without impacting rates," said Higgs.
Recent spending questioned
EUB vice chair Francois Beaulieu said his reading of a mandate letter to NB Power from the province was that it should stop spending money on research and business development projects like the Maritime Iron project. (Graham Thompson/CBC)
At NB Power's ongoing rate hearing in Saint John, Holland's letter and the premier's comments have led the Energy and Utilities Board to question the appropriateness of some recent spending, including $1.3 million used by the utility this year to study elements of the Belledune project being proposed by Maritime Iron.
The $1.3 million is quadruple what was budgeted and approved by the EUB last spring and comes even though the project is the responsibility of a private company and not yet financed or approved. NB Power is also proposing to spend an additional $300,000 studying the project further next year.
"If I read the letter from the Minister isn't it quite clear that what he is saying or what the mandate that he is suggesting is that until you reach your equity target, that this Board may consider eliminating investments in research and business development, which may include SMRs (small modular nuclear reactors), and Maritime Iron Works," said Beaulieu.
Wiggle room in letter
NB Power senior vice president Keith Cronkhite told the EUB the utility believes the Higgs government wants it to support projects like the iron ore processing plant proposed for Belledune despite its letter urging a focus on debt reduction. (Robert Jones/CBC)
Keith Cronkhite, the utility's senior vice president for
strategic planning and business development told Beaulieu the Higgs
government has given signals it wants NB Power to help projects like
Maritime Iron and believes Holland's letter had some wiggle room in it
by only saying debt reduction "may require" eliminating certain
projects.
"As New Brunswick Power, we are an important component in the business structures and the business opportunities that could occur within the province. We need to support those to ensure that they have a reasonable opportunity of success. That has many spinoffs to the province beyond just electricity sales."
Maritime Iron's proposed plant would process iron ore into pig iron, and pipe a byproduct gas to the adjacent NB Power generating station to generate electricity. That gas would allow the utility to replace some of the station's coal consumption and NB Power has been paying for studies into what modifications would be required in plant boilers to accommodate that change.
EUB lawyer Ellen Desmond questioned why those studies are NB Power's responsibility, given the project is being initiated by Maritime Iron.
"Has NB Power ever considered asking Maritime Iron to pay for the costs NB Power is incurring," asked Desmond.
Utility picks up costs for now
In January's state of the province address premier Blaine Higgs said his government had instructed NB Power to 'immediately' come up with a plan to deal with its 'unacceptable debt.' (Stephen MacGillivray/Canadian Press)
Cronkhite said Maritime Iron would pay if the project proceeds and renovations to NB Power's generating station are required, but until then the utility is picking up costs.
"We see that as a NB Power expense at this particular point in time," said Cronkhite.
"Isn't it still a risk that this project may not unfold as anticipated or hoped and that these costs that are currently being incurred would not have future benefit for ratepayers," pressed Desmond.
Maritime Iron submitted environmental impact documents in June for what is supposed to be a $1.5-billion project, but there have been ongoing questions about where that money will come from.
Brian Gallant's former Liberal government had to forward Maritime Iron about $625,000 in grants to help finance "pre-feasibility" studies of its idea and the company has acknowledged in media reports it is looking for $30 million in federal grant money to make the project work.
EUB lawyer Ellen Desmond asked NB Power executives why the utility, and not Maritime Iron, is paying for studies into what an iron ore processing facility will need. (Roger Cosman/CBC)
Although NB Power has been spending significant amounts on it for several months, in late November, Higgs told the legislature the province was still unsure how realistic the proposal is.
"How real is this project? Does it have traction?"
An additional hurdle is the Maritime Iron project, if approved, will emit substantial amounts of greenhouse gas and Holland's letter to NB Power directs the utility to "help support the province in achieving a low-carbon economy" and "work with the province to reduce greenhouse gas emissions".
The rate hearing continues Monday.
87 Comments
Commenting is now closed for this story.
David Amos
Methinks the little Buggie named Lou who often lands on my shoulder and chirps in my ear is having a bad day just like her heroes Higgy and Holland no doubt are N'esy Pas?
David Amos
Methinks its worthy of repeating that folks who truly care should attend the EUB hearings or at least download the transcripts and read them rather than rely on the opinions of Mr Jones as to what is important N'esy Pas?
David Amos
Chump Change Methinks everybody knows NB Power is NOT audited N'esy Pas?
Roland
Stewart
Reply to @David Amos:
They operate like fundraisers did in the old days. As soon as the jar
is half full reach in and crab a hand full. These guys still think they
are running their cash business's on the side .
David Amos
Reply to @Roland
Stewart: Methinks everybody knows that the government has been using NB
Power as a cash cow since I was knee high to a duck N'esy Pas?
Mike Connors
Blaine Higgs promised if the Conservatives were elected this foolish spending would end but here we are every second day getting an increase in our power bills, while the drunken sailors at NB Power spend our hard earned money on pipe dreams. This electorate is not going to be a happy camper if the EUB allows a hydro hike while this foolish spending continues.
David Amos
Reply to @Mike
Connors: Methinks whereas the EUB board memembers were appointed by the
liberals (One of them I ran against) they will do what is best for the
liberals N'esy Pas?
Wayne Mac Arthur
As with the liquor palaces and cannabis castles,the heads of these corporations have little regard for the public or their elected reps.
David Amos
Reply to @Wayne Mac Arthur: Methinks it depends on who the elected reps are N'esy Pas?
Graeme Scott
If Maritime Iron can't even afford 1.3 million for these feasibility studies where are they going to get the 1.5 BILLION needed to build the project? More "pie in the sky" economic development for poor old NB? Maybe part 2 of this saga will be asking the government to pay for it.....or bail it out when things go south.
David Amos
Reply to @Graeme
Scott: Methinks everybody knows the Maritime Iron was never going to get
off the ground because it makes far more sense to create a smelter next
to where the product is mined and have access to far cheaper electric
power from Hydro-Quebec then ship the finished product.
I trust that Mr Jones must be clever enough to know this minor spit and chew in the EUB right now is just a smoke and mirror sideshow to make the dude yapping about his Maritime Iron scheme run off and hide under his rock in Ontario in order to provide some relief for Higgy and Vickers much to the chagrin of the NDP, Greens and the PANB while Independent Interverners such as Roger and Me get to laugh at the nonsense N'esy Pas?
I trust that Mr Jones must be clever enough to know this minor spit and chew in the EUB right now is just a smoke and mirror sideshow to make the dude yapping about his Maritime Iron scheme run off and hide under his rock in Ontario in order to provide some relief for Higgy and Vickers much to the chagrin of the NDP, Greens and the PANB while Independent Interverners such as Roger and Me get to laugh at the nonsense N'esy Pas?
Terry Tibbs
Reply to @Graeme Scott:
I don't know about you, but one of the last places I would go for a feasibility/engineering study would be NB Power.
You gotta question the reality of anything when someone pulls a figure of $1.3 million out of their backside. How many new staff were hired, or was the study given to current employees to look over, to break up the monotony of doing not very much of anything?
Don't you worry we will be building flux capacitors in NB yet.
Fred Brewer
Reply to @Graeme Scott: Exactly! When I read the words "cash-strapped" I was mortified and visions of another Joi magic beans scenario came to mind. If they need help with a simple study, they will need help getting the environmental permits, they will need help getting the plant built and they will want a break in payroll and property taxes. In return we will get all the pollution and when its bankrupt we are on the hook for everything including cleanup costs. Forget it. Walk away. No. Run away screaming.
Ned MacAllister
That David Amos likes to comment on every post on here. He must be the smartest person in the world or the dumbest with the largest ego. I am figuring he is not the smartest. People must know him as he could not get himself elected to the public trough.
Kevin Cormier
Reply to @Ned MacAllister: Did you know that he ran in an election? I just wanted to mention it...
David Amos
Reply to @Kevin Cormier: 7 Elections
David Amos
Reply to @Ned
MacAllister: Methinks you should free free to make fun of me all you
wish. Its beats being ignored and I am kinda flattered because I do
believe in free speech within an open and "Just Democracy".
However sometime when you are bored you should at least read Statement 83 of my Statement of Claim against the Queen. (Federal Court File No. T-1557-15) Trust that the "Powers that Be" beginning with MacKay and his boss Harper have already argued it without much success. The fact that the Crown pulled Rule 55 on me should make any ethical soul in New Brunswick and everywhere else laugh at their incompetence and desperation N'esy Pas?
Rule 55 In special circumstances, in a proceeding, the Court may vary a rule or dispense with compliance with a rule. SOR/2004-283, s. 11
However sometime when you are bored you should at least read Statement 83 of my Statement of Claim against the Queen. (Federal Court File No. T-1557-15) Trust that the "Powers that Be" beginning with MacKay and his boss Harper have already argued it without much success. The fact that the Crown pulled Rule 55 on me should make any ethical soul in New Brunswick and everywhere else laugh at their incompetence and desperation N'esy Pas?
Rule 55 In special circumstances, in a proceeding, the Court may vary a rule or dispense with compliance with a rule. SOR/2004-283, s. 11
Michel Forgeron
Reply to @Ned MacAllister: I’ve looked at a couple of his debates before elections, in my mind he makes a lot of sense. He is very knowledgeable regarding government, the law, social and other issues. I asked him a question about him not having a N.B. Medicare Card, he referred me to a long court document which I don’t intend to read (that may be the reaction of most people here). He does this frequently. His ideas are good IMO, but he should directly gibe his opinions here rather than referring/ linking to other sites. But I’m not sure he is concerned if there is agreement or not. Is he a touch narcissistic? Maybe, I don’t know.
Marc Martin
Reply to @David Amos: Who cares.
BruceJack Speculato
Reply to @Michel Forgeron: maybe NB really does have its own "stable genius"
David Amos
Reply to @Marc Martin: Methinks it blatantly obvious to your ultimate boss Higgy that you do N'esy Pas?
David Amos
Reply to @BruceJack Speculator: YO Oh Ye without the sand to have a real name Please do tell if I am as crazy as you allude tothen how do you and the RCMP explain my having so many wiretap tapes of the mob and yet I am still alive and not hiding from anyone like you certainly are?
Ben Haroldson
Reply to @Ned MacAllister: He knows more about scum politics than most nber's
James Johnstone
This comment is directed to Michael Holland. Those that know him and those that he represents in Alma can see that he is honest and is working tireless for his constituents. He sent a letter to the board of NB Power and they seem to have a problem understanding what he is saying and putting their own spin on the meaning. Perhaps it is time to meet with the board and give them a clear and concise explanation that if they do not do as they are instructed they are to pack their bags immediately and move on without severance pay or pension. I would expect that will get their attention. Time for some tough love for those making decisions in this near bankrupt province.
David Amos
Reply to @James Johnstone: Thanks for making the coffee come out my nose
Marc Martin
Reply to @David Amos: You seem to have a drinking coffee issue.
Ben Haroldson
Reply to @James Johnstone: He just wants turkeys to be legal game in NB. Hopefully he is looking around the table.
Robert L. Brown
NB Power is way to top heavy and its managers are incompetent they need a total overhaul and so does the Higgs Government for allowing them to keep wasting our taxpayers money
David Amos
Reply to @Robert L. Brown: Yes Sir I Wholeheartedly Agree Again
Brian Robertson
NB Powers dabbling with public money, in the private market outside of it's mandate needs to be reigned in.
Who do their managers think they are? Politicians?
David Amos
Reply to @Brian
Robertson: Methinks they think that because they must play politics to
get and keep their fancy jobs N'esy Pas?
Paul Krumm
Reply to @Brian Robertson: sorry to be pedantic but where does sovereign power enter into this discussion? Reined please.
Brian Robertson
Reply to @Paul Krumm:
Some say pedantic.
Some say petty.
Some say pedantic.
Some say petty.
Harold Wood
No more foot dragging. Time for Higgs & company to pull the plug on NB Power including Thomas and the Executive and get somebody hired who has the taxpayers interests as their prime priority. I sometimes wonder if EUB needs some investigation also as to their duty to NB taxpayers. You know those overtaxed people paying their wages who are not any political party.
David Amos
Reply to @Harold Wood: Thomas is packing and leaving Higgy et al clueless as to what to do
Emilien Forest
If I were to use Keith Cronkhite's logic, every month I receive a document from NB Power indicating the amount of electricity I used. There is no indication that I am responsible and should have to pay that amount. So why should I pay it?
David Amos
Reply to @Emilien Forest: If you don't Cronkite will pull your plug
Marc Bourque
" helping the cash challenged backers "
I stopped reading right there.....back out NOW!! Cant they see the writing on the wall??
David Amos
Reply to @Marc Bourque: Welcome back to the circus
Richard Dunn
It is time for not only the CEO Thomas, but it appears most of the Board, and Senior Management, to find employment elsewhere.
This group continues to show poor judgement, with our money, day after day.
David Amos
Reply to @Richard Dunn: Methinks we are preaching to the choir because Higgy et al ain't listening N'esy Pas?
Kyle Woodman
I see the brain trust is at it again.
Ben Haroldson
Reply to @Kyle Woodman: Lampshade boys.
Kyle Woodman
Reply to @Ben Haroldson: Bunch of boomers so out of touch with reality that they keep squandering money.
David Amos
Reply to @Kyle Woodman: Surely you jest
Kyle Woodman
Reply to @David Amos: maybe a little. Norm Betts' name keeps coming up though.
Kyle Woodman
Reply to @David Amos:
The second version is a more human, old-fashioned, classically New Brunswick tale.
Norm Betts, a member of NB Power's board of directors, "knew somebody that knew somebody that knew somebody, apparently," according to board chair Ed Barrett, and suggested Thomas "take a look" at Joi.
Betts, a business professor and former provincial finance minister, confirmed in an interview he'd been on the board of a retail technology company with a Toronto businessman who was also "the person responsible for Joi in Canada."
He would not say if that was Chaikin, the company's Canadian sales representative.
https://www.cbc.ca/news/canada/new-brunswick/untold-story-joi-scientific-nb-power-1.5359262
The second version is a more human, old-fashioned, classically New Brunswick tale.
Norm Betts, a member of NB Power's board of directors, "knew somebody that knew somebody that knew somebody, apparently," according to board chair Ed Barrett, and suggested Thomas "take a look" at Joi.
Betts, a business professor and former provincial finance minister, confirmed in an interview he'd been on the board of a retail technology company with a Toronto businessman who was also "the person responsible for Joi in Canada."
He would not say if that was Chaikin, the company's Canadian sales representative.
https://www.cbc.ca/news/canada/new-brunswick/untold-story-joi-scientific-nb-power-1.5359262
David Amos
Reply to @Kyle Woodman: Methinks you wish to ignore the fact that I am a Boomer too N'esy Pas?
Kyle Woodman
Reply to @David Amos: sorry bud. I don't consider you at all. You are insignificant to me.
David Amos
Reply to @Kyle Woodman: Well kid Trust that the feeling is mutual
Kyle Woodman
Reply to @David Amos: awesome. I'll stop commenting on your drivel if you do the same.
David Amos
Reply to @Kyle
Woodman: Methinks even Higgy would agree that its not wise to make deals
with little left wing devils N'esy Pas?
Edward Andrews
I think it is time to seriously limit the decision making authority of the board and executives at NB Power. They have one directive - provide for the energy needs of their owners, the taxpayers of NB. They are not a business with the goal of growth or to wee our money into the wind on speculative investments. They only need to look to product clean and economical power. If they can't keep this in focus then its time for the current board and executives to leave and not with fat bonuses for under performing and failing. Yes failing is what it is called when you are in debt up to your eyeballs and floundering around trying to distract your share holders with ideas of EV super charging stations and other projects that are not in your lanes of what you are directed to do.
David Amos
Reply to @Edward
Andrews: Methinks the production and supply of electric power is not
rocket science but the beancounters who juggle tNB Power's numbers want
us to think that it is N'esy Pas?
Paul Bourgoin
Again New Brunswick is ready to invest money in NB-Power as if it would pay NB to do so. Instead they should invest in a snow flake fabrication plant rather than NB Power. It would be less costly for the New Brunswick residents living in the poorest Province in Canada. Production should be only during the month of July. Such a project in the poorest province in Canada WOW!
Who is going to capitalize on this sinking Boat?
David Amos
Reply to @Paul Bourgoin: Methinks you know who all the usual suspects are by now N'esy Pas?
Ben Haroldson
Any extra money in any crown corporation should go back to the general funds, for education, health and roads. And nepotism needs to be made illegal again.
David Amos
Reply to @Ben Haroldson: Dream on
Greg Miller
Come on Higgs pull the plug on this ridiculous crown corporation it's autonomy is just a license to spend taxpayer's money WITHOUT REPRESENTATION. No accountability whatsoever!
Ben Haroldson
Reply to @Greg Miller: It's almost like they want it to happen, like when NBtel sold out to bell, a lot of mangers waited like vultures and pounced on a lot of the assets, creating the new Contract companies that have proven to be way more expensive than when the work was performed in house.
David Amos
Reply to @Greg Miller: Dream on
Justin Time
Unbelievable! Shut this spending down immediately. This project is not going to happen so NB Power just wasted another 1.3 million dollars on a study that should be the responsibility of Maritime Iron. Just like the money wasted on the "LAB" in Florida. If the government wasn't so involved in many of these schemes they would have ordered an audit long ago. Unfortunately an audit might uncover some very embarrassing info about a lot of dealings in this corporation so it probably will never happen.
David Amos
Reply to @Justin
Time: Methinks if Higgy were truly concerned about reducing NB Power's
debts he would put a stop to the deal about "Not So Smart" Meters that
his political party dreamed up years ago.Furthermore the recent
"CONFIDENTIAL" deal with Hydro-Quebec about their consultation is very
questionable to say the least. Higgy cannot deny that both issues
involve increasing NB Power's debt by at least 200 million N'esy Pas?
Ben Haroldson
When will it end.
Roland Stewart
Reply to @Ben
Haroldson: It won't as long as these appointments are connected to
politicians. As afraid as everyone is of privatizing NBPower it may e
for the best. We obviously have no one with our best interest running it
now.
Ben
Haroldson
Reply to @Roland Stewart: I was against it years ago, but they've gotten so arrogant.
David Amos
Reply to @Ben
Haroldson: Methinks Higgy and his cohorts have it slated to be addressed
on or about the 12th of Never N'esy Pas?
Ben
Haroldson
Reply to @David Amos: Flumsday at 2700 .
Fred Brewer
Reply to @Ben Haroldson: We could have ended it 10 years ago.
John Valcourt
NBPower has no right whatsoever to spend our money on projects outside on generating power and it appears they should only be able to do it then when it isn't snake oil like they have been know to waste our money on. They keep saying they need rate increases well now we can see why and it not only needs to stop but the entire upper management team needs to go. They have no right to do this and then seek rate increases and this smart meter project that is only going to cost us more money.
Ben Haroldson
Reply to @John Valcourt: Say no to the increase, and clean house.
David Amos
Reply to @John Valcourt: Methinks folks should ask why they need to up the rates when their profits are going up N'esy Pas?
Mr Jones no doubt hopes you enjoy a little Deja Vu
Cheap coal stoking NB Power's bottom line — for now
Utility reports it is on track to beat its profit target for the first time in five years
Robert Jones · CBC News · Posted: Nov 27, 2019 7:00 AM AT
Belledune's giant coal and petroleum coke boilers are saving up to $59,000 a day on fuel costs this year over last year, according to information NB Power filed with the Energy and Utilities Board last month. (Jacques Poitras/CBC)
Cheap prices for coal are helping to generate unexpected profits at NB Power — despite carbon pricing — even though the utility's dependence on the fuel still promises significant financial problems in the years ahead.
In separate submissions in the last two months — one to the New Brunswick Energy and Utilities Board and one to the New Brunswick department of finance — NB Power has given notice this year's profits are running between $12 million and $24.6 million higher than originally budgeted.
Mr Jones no doubt hopes you enjoy a little Deja Vu
Cheap coal stoking NB Power's bottom line — for now
Utility reports it is on track to beat its profit target for the first time in five years
Robert Jones · CBC News · Posted: Nov 27, 2019 7:00 AM AT
Belledune's giant coal and petroleum coke boilers are saving up to $59,000 a day on fuel costs this year over last year, according to information NB Power filed with the Energy and Utilities Board last month. (Jacques Poitras/CBC)
Cheap prices for coal are helping to generate unexpected profits at NB Power — despite carbon pricing — even though the utility's dependence on the fuel still promises significant financial problems in the years ahead.
In separate submissions in the last two months — one to the New Brunswick Energy and Utilities Board and one to the New Brunswick department of finance — NB Power has given notice this year's profits are running between $12 million and $24.6 million higher than originally budgeted.
David Amos
Reply to @David Amos: More
"If those numbers hold, it will be the first time the utility has exceeded its annual earnings target in five years."
"NB Power will not reveal specific prices it pays for coal and it is difficult to estimate. It hedges coal purchases with fixed price contracts and other financial instruments to protect itself from unexpected price increases, which also slow the receipt of benefits from price drops.
Coal is NB Power's single largest expense for fuel. It buys its entire supply for the Belledune generating station from Colombia, which has seen prices tumble in the last year. (Jacques Poitras/CBC)
Nevertheless, the utility had budgeted at the start of the year to spend $126.1 million on coal, petroleum coke and other fuels, mostly for Belledune, but has since cut that estimate by $16.3 million.
The saving is equivalent to much of the improvement showing in the utility's bottom line.
Coal is NB Power's largest fuel cost, and earlier this year in its annual report, it noted price fluctuations have a significant effect on its bottom line.
"A $5 (per tonne) change in coal and petcoke prices will result in net earnings variability of approximately $2 to $7 million," it wrote.
NB Power has missed its profit targets in each of the last four years by a combined $252 million. This year it has informed both the Energy and Utilities Board and the Department of Finance that profits are running ahead of its budget projection. (Radio-Canada)
As of Tuesday, according to the website Trading Economics, coal was trading at $72.22 US per tonne, $26.57 below prices one year earlier and $42 less than peak prices in October 2018.
Guzman says he sees no sign in Colombia of prices moving higher in the short term."
"If those numbers hold, it will be the first time the utility has exceeded its annual earnings target in five years."
"NB Power will not reveal specific prices it pays for coal and it is difficult to estimate. It hedges coal purchases with fixed price contracts and other financial instruments to protect itself from unexpected price increases, which also slow the receipt of benefits from price drops.
Coal is NB Power's single largest expense for fuel. It buys its entire supply for the Belledune generating station from Colombia, which has seen prices tumble in the last year. (Jacques Poitras/CBC)
Nevertheless, the utility had budgeted at the start of the year to spend $126.1 million on coal, petroleum coke and other fuels, mostly for Belledune, but has since cut that estimate by $16.3 million.
The saving is equivalent to much of the improvement showing in the utility's bottom line.
Coal is NB Power's largest fuel cost, and earlier this year in its annual report, it noted price fluctuations have a significant effect on its bottom line.
"A $5 (per tonne) change in coal and petcoke prices will result in net earnings variability of approximately $2 to $7 million," it wrote.
NB Power has missed its profit targets in each of the last four years by a combined $252 million. This year it has informed both the Energy and Utilities Board and the Department of Finance that profits are running ahead of its budget projection. (Radio-Canada)
As of Tuesday, according to the website Trading Economics, coal was trading at $72.22 US per tonne, $26.57 below prices one year earlier and $42 less than peak prices in October 2018.
Guzman says he sees no sign in Colombia of prices moving higher in the short term."
Stephen Clarke
The Higgs government needs to clean house at NB Power. All the top management should be tossed out with no severance or bonuses. These people do not have the best interests of our citizens in mind,they keep blowing through money like it isn't theirs,and it isn't,it is our money
Paul
Bourgoin
Reply to @Stephen Clarke: Could NB-POWER be politically influenced to be so easy with Taxpayers money?
David Amos
Reply to @Paul
Bourgoin: Methinks everybody knows that is the way it is every day all
day long That how the top management and most of the minions got their
fancy jobs in the first place N'esy Pas?
Miles Haukeness
It makes absolutely no sense for Alta, Sask and NB having to shut down its coal power production when BC is allowed to export far more coal to China. Canada's consumers have to pay extra for their utilities so China can build more coal powered plants. Ridiculous.
David Amos
Reply to @Miles Haukeness: Methinks I should remind you of this bit of News from Mr Jones N'esy Pas/
NB Power to dodge major carbon taxes after Ottawa proposes looser rules on coal plants
Greenhouse gas bill for Belledune station could fall to less than $1 per tonne after policy change
Robert Jones · CBC News · Posted: Oct 30, 2018 5:00 AM AT
A policy reversal by the federal government on emissions standards on coal-fired power plants could benefit New Brunswick consumers by eliminating the need for power rate increases to pay for carbon taxes. (CBC)
In a climate-policy retreat over the treatment of coal, federal Liberals are proposing to loosen emission standards for power plants that burn the fuel, effectively lowering carbon taxes on each tonne of greenhouse gas released from coal-burning stations, like NB Power's Belledune, next year to less than $1.
That could mean significant benefits for New Brunswick consumers, eliminating the need for power rate increases to pay for carbon taxes.
But it also undermines federal claims made as recently as last week that major greenhouse gas polluters, like Belledune, would pay the most under Canada's new carbon pricing scheme
Federal Environment Minister Catherine McKenna's office explained a federal commitment to ban coal generating stations in 2030 makes heavy carbon taxes on coal unnecessary given the costs it would impose on electricity customers.
NB Power to dodge major carbon taxes after Ottawa proposes looser rules on coal plants
Greenhouse gas bill for Belledune station could fall to less than $1 per tonne after policy change
Robert Jones · CBC News · Posted: Oct 30, 2018 5:00 AM AT
A policy reversal by the federal government on emissions standards on coal-fired power plants could benefit New Brunswick consumers by eliminating the need for power rate increases to pay for carbon taxes. (CBC)
In a climate-policy retreat over the treatment of coal, federal Liberals are proposing to loosen emission standards for power plants that burn the fuel, effectively lowering carbon taxes on each tonne of greenhouse gas released from coal-burning stations, like NB Power's Belledune, next year to less than $1.
That could mean significant benefits for New Brunswick consumers, eliminating the need for power rate increases to pay for carbon taxes.
But it also undermines federal claims made as recently as last week that major greenhouse gas polluters, like Belledune, would pay the most under Canada's new carbon pricing scheme
Federal Environment Minister Catherine McKenna's office explained a federal commitment to ban coal generating stations in 2030 makes heavy carbon taxes on coal unnecessary given the costs it would impose on electricity customers.
David Amos
Reply to @David Amos: More
"A price on pollution is one way to reduce pollution from the electricity sector — but it's not the only way," wrote Caroline Theriault, McKenna's press secretary, in an email to CBC News.
"One of the most important measures to reduce pollution from electricity is our commitment to phase out traditional coal power by 2030, all while ensuring a just transition for coal workers and communities through the Just Transition Taskforce."
The proposed exemption for coal is so large it will eliminate most of the carbon taxes New Brunswick's biggest greenhouse gas emitter, NB Power, was warned it would be facing just six months ago.
It would also allow it to continue releasing most of the greenhouse gases it currently produces at its coal-fired generating station in Belledune for free.
"A price on pollution is one way to reduce pollution from the electricity sector — but it's not the only way," wrote Caroline Theriault, McKenna's press secretary, in an email to CBC News.
"One of the most important measures to reduce pollution from electricity is our commitment to phase out traditional coal power by 2030, all while ensuring a just transition for coal workers and communities through the Just Transition Taskforce."
The proposed exemption for coal is so large it will eliminate most of the carbon taxes New Brunswick's biggest greenhouse gas emitter, NB Power, was warned it would be facing just six months ago.
It would also allow it to continue releasing most of the greenhouse gases it currently produces at its coal-fired generating station in Belledune for free.
Terry Tibbs
Reply to @David Amos:
I was under the impression that carbon tax holidays given to coal powered generating plants depended on one thing, and one thing only, they were to be using Canadian coal.
If this is true it leaves Belledune out in the dark as far as a carbon tax holiday.
Unless a special exception was made for Belledune I didn't hear about?
Because ALL the other Canadian coal burning plants use Canadian coal.
Funny thing no one is able to tell me: Why are we not burning NB coal at Belledune?
It's not like we couldn't use the jobs?
I was under the impression that carbon tax holidays given to coal powered generating plants depended on one thing, and one thing only, they were to be using Canadian coal.
If this is true it leaves Belledune out in the dark as far as a carbon tax holiday.
Unless a special exception was made for Belledune I didn't hear about?
Because ALL the other Canadian coal burning plants use Canadian coal.
Funny thing no one is able to tell me: Why are we not burning NB coal at Belledune?
It's not like we couldn't use the jobs?
David Amos
Reply to @Terry Tibbs: Methinks you know the answers to your questions N'esy Pas?
Terry Tibbs
Reply to @David Amos:
Seriously, I don't know why we are buying coal from South America when we have plenty in province................. unless, of course, the Irvings are involved?
David Amos
Content diaabled
Reply to @Terry Tibbs: Remember NB Coal? Now check NB Power's books to review how much we are still paying for.that nonsense.
Fred Brewer
Reply to @Terry Tibbs: NB coal was the terrible quality.
Fred Brewer
Reply to @Terry
Tibbs: I would love to blame the empire but the problem lies with the
very poor quality of coal here in NB. High in emissions and high in
maintenance costs.
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