WhenInDoubtDeferDeferAndDeferDebtAgainAgainAndAgain
WhenYouAreNotTooBusyDeletingVille
From Andrew MacLeod's excellent Tyee piece on all the accounting tricks going down at BC Hydro published yesterday:
...(In 2017) BC Hydro will draw down $250 million from a rate-smoothing account, money that it doesn't plan to finish repaying until 2024.
For context, the provincial government has budgeted an overall surplus of $287 million in 2017-2018, which in part depends on receiving $706 million from BC Hydro.
The rate-smoothing money is therefore more than one-third of the amount the government plans to take from the utility in the election year....
And what will we see, hear and read about this, which clearly demonstrates that the Clarklandian faux balancing of the budget is bogus, from the Lotuslandian proMedia during the election campaign next spring?
My prediction...
Crickets.
(and/or Dean-fried codswallop about the importance of grocery bills and clawback timing)
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Thursday, April 21, 2016
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9 comments:
The sheep herding continues and that's a baaaad idea.
WHAT THE HELL IS "rate smoothing"???? is this a new BC Liberal term instead " grit your teeth and bend over cause this is gonna hurt"?
SH @ RossK
I love the smell of Clark-shaming in the morning…well until the former comment…but even then….the disclaimer is everything:
noel armeneau @noelarmeneau 38m38 minutes ago
Oil Resources: Notley is out-Clarking, Clark. Notley wants to get to yes, trying to convince Clark. It's a great story. #cdnpoli #bcpoli
noel armeneau @noelarmeneau 42m42 minutes ago
If Clark had given a grand ultimatum regarding resource use to Notley, the #bcpoli press would have wet themselves with glee. Bias?
More
noel armeneau @noelarmeneau 51m51 minutes ago
Notley seems to classy to rub it in. For the good of the province. However, she must be really enjoying putting Clark over a barrel. #bcpoli
noel armeneau @noelarmeneau 53m53 minutes ago
I know the BCUC was corrupted, so we don't get to know, but it seems obvious BC must sell power from Site C or lose billions. #bcpoli
Anon: "rate-smoothing" is a shell-game that helps the neo-right BC Liberal government conceal their plan to privatize BC Hydro. Where I live, it's a necessity which arises from having no meter-readers.
"But didn't we get forced to switch to so-called "Smartmeters" that transmit the usage data by radio waves?"---I can hear you ask. Well, yes, but here on my island, no receiver hubs collect the radio waves so BC Hydro uses averages. My buddy phoned and demanded to know his actual usage, was told to read it himself and phone back the numbers for which he received a $500 credit to his account because the averaging had over-billed him that much since his Smartmeter was imposed---wasn't allowed cash repayment. Hydro sends readers over once a year, maybe less. I'm getting identical bills in my new home as I got in my previous a year and a half ago, even though the two buildings are completely different in size and type. That's "smoothing". Who knows what else Hydro is being forced to do by the BC Liberals, but if the testimony of recently retired Hydro execs is indicative, it's not good. "Smoothing"---yeah, right! We might as well have kept our perfectly good analog meters for all the new ones are worth. I guess the $75 million contract was needed to help bankrupt BC Hydro for pennies-on-the-dollar fire-sale to a BC Liberal crony---IPPs aren't parasitizing fast enough, and they can't build Site-C fast enough to get it done otherwise? I dunno, but it ain't good.
Re: The Smoothening and The Metering...
But, as long as you leave the room when the decisions are made, and you make out like a king, everything's cool in CronyDeciderLand.
Right?
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Rate smoothing
Content consultant
Most open and transparent
Families first
World class
Out first priority
Party donation not pay to play
Read my lips
Best place on earth!
wonder how much interest is being paid on the money Hydro is borrowing to meet its "commitments" to party central?
As I recall el gordo was paying 10% to the German banks for the money he borrowed for the B.C. Ferries and that extra $750M to "balance" the provincial budget.
Has anybody asked the credit rating agencies how BC managed to earn a "AAA" credit rating with all the reporting and budget shenanigans the BC Liberals do?
Keep in mind we are not GAAP compliant either.
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