SITE C DAM: FACT VS. FICTION Prepared for: NDP CAUCUS MEETING Sunday, December 10th, 2017
(See Premier John Horgan, far right. Photo taken Fall 2012.)
FACT #1 Most, if not all of the senior officials – from BC Hydro, Ministry of Finance, and Ministry of Energy, Mines and Petroleum – advising the NDP Cabinet and Caucus in secret over the last 10 days are the same officials who recommended proceeding with Site C to Premier Christy Clark.
FICTION – The NDP Caucus and Cabinet have conducted an open, fair and transparent decision-making process providing outside experts an opportunity to know and respond to the final arguments used to justify completing Site C.
FACT # 2 BC is awash in untapped renewable energy potential. BC Hydro places the wind potential of the province at 4 times that of Site C, meeting all of BC’s decarbonization and electrification goals – without even considering solar and geothermal energy. BC also has back-up for intermittent renewables.
FICTION – Site C must be built to meet the electrification revolution.
FACT # 3 BC’s triple A rating was just confirmed and will not be downgraded by cancelling Site C. BC is already financing the $2.1 billion in sunk costs with 30-year bonds at a cost of $ 57 million per year, not $300-400 million per year. Even if the inflated $1.8 billion in termination costs are added, cancelling Site C will save ratepayers at least $266 million/year or $123/ household in 2024.
FICTION – Cancelling Site C will result in a credit rating down grade, cost $300-400 million /year leaving no money for infrastructure promised by the NDP in their election platform. Completing Site C will not punish future ratepayers.
FACT # 4 Future cost overruns and problems will be owned by the NDP if Site C goes ahead. Many NDP supporters will abandon the party in the next election as the decision-making process on Site C was not open, fair and transparent.
FICTION – The NDP have no alternative but to proceed with Site C and it’s the BC Liberals’ fault that this dam must be completed.