OCTOBER 13, 2020 - VANCOUVER, BC – Canceling the troubled Site C dam construction project right now would save BC Hydro ratepayers $116 million a year, says a new report by Robert McCullough, a highly respected economist and expert on power projects.
The report, released today by the Peace Valley Landowner Association (PVLA), adds that those significant savings will only grow as the costs for wind and solar continue to fall, while the costs for the troubled Site C project continue to rise. “Site C is a cash bonfire we need to put out,” says PVLA President Ken Boon, “I am confident that the forthcoming Peter Milburn Site C Report will confirm what McCullough Research has already found – putting an end to Site C is in the best interests of British Columbians.” McCullough’s report notes that a combination of factors make canceling the controversial hydroelectric project the best economic option for British Columbians. Those factors include:
escalating construction costs,
unresolved geotechnical issues and its risks with seismic activity,
falling costs for wind & solar power,
the deterioration of Site C’s ability to compete in energy markets,
dropping interest rates, and
the $1.1 billion dollar loss by BC Hydro in related interest contracts
Boon says the enormous costs of the project are likely to get worse due to the significant geotechnical problems at the project site, and that it is in the interests of all British Columbians that there be public debate about the wisdom of proceeding to complete the project”
“My question, if I were moderator of Tonight’s Leaders Debate, would be:
If elected will your government publicly release the Milburn Report on Site C and will you commit to terminating Site C if the cost of the dam is greater than renewable energy alternatives?”
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For further information, please contact:
Ken Boon, President, PVLA - 250.262.9014 | pvla@xplornet.