FOR IMMEDIATE RELEASE
Terminating Site C Immediately Will Save BC $1.6 Billion
SEPTEMBER 13, 2017 - VANCOUVER, BC – Today the Peace Valley Landowner Association (PVLA) and the Peace Valley Environment Association (PVEA) released a report from McCullough Research, showing terminating Site C and building a renewable portfolio of wind and geothermal would save British Columbia $.7 to $1.6 Billion.
The McCullough Report responds to the BC Hydro Site C Submission and the Deloitte LLP Reports submitted to the BCUC Site C Inquiry.
“It is not financially prudent to finish the Site C project,” says Robert McCullough, Principal of McCullough Research. “The cost of building a renewable based portfolio excluding Site C will be much less costly, and still meets the province of BC’s clean energy goals.”
The findings of Deloitte LLP on Site C delays, cost overruns, and electricity demand and energy generation alternatives are consistent with McCullough Research’s findings and the findings of other acknowledged energy experts, although a number of Deloitte’s estimates are more favourable to Site C than official estimates from elsewhere in the U.S. and Canada.
Key findings can be summarized as follows:
The cost savings of terminating Site C and building a renewable portfolio will be in the billions of dollars.
Terminating Site C and building a renewable portfolio of wind and geothermal would save BC ratepayers $.7 to $1.6 Billion.