Editor:
A perspective of BC Hydro asks that if Hydro is in such a poor financial state then who has been running our Crown corporation for decades while a horrendous debt accumulates?
Where is the financial responsibility we expect?
Does Hydro have contracts to sell our power to outside sources like the U.S.? How much power? What costs to the taxpayers?
The “Regulatory Asset Account” has been used for decades to forward debt onto future generations, ensure the huge compensation packages and bonuses for execs, and increasing debt interest. It is as if Hydro has an unlimited amount of credit cards for all of its expenses but unfortunately the name on these credit cards is “B.C. taxpayer.”
The B.C. government has a legal obligation to oversee these operations and it must be approving them.
Perhaps the Regulatory Asset Account should be renamed “Non-regulated Asset Disposal Account.”
The gross compensation packages for under-performing Hydro execs is justified with the statement: “We need to do this to get good people.” News is you don’t have good people.
Hydro wants more dams, more environmental destruction, billions of debt, contracts to sell our power to the U.S. yet wants to raise rates. Since we pay for it all, stimulate the economy by supplying cheap power to individuals and companies with a head office in B.C., and breaks for those on low incomes. The millions saved by consumers would be spent on goods. Companies would have a healthier bottom line for sustained employment, increased productivity and expansion.
We owe nothing to other provinces and the U.S. A former CEO of Coulee Dam hydro in the US related that they preferred to demolish dams in response to costs, environmental concerns, salmon runs, and species extinction. They (U.S.) would save more than enough money to buy power from us while we built dams to serve them.
Why does Hydro promote its damaging ways? Ask it how much the B.C. government skims off the top.
We do get a vote and it’s time for a change.
Gary Young
Lac La Hache