By Dermod Travis, executive director of IntegrityBC.
One of the last things anyone would ever imagine the B.C. government doing is adopting an old NDP program, but that’s exactly what Energy and Mines Minister Bill Bennett did this month when he announced a five-year, $300 million hydro bill deferment plan for 13 B.C. mines owned by six companies.
Never mind that BC Hydro is grappling with its own deferral problems to the tune of $5 billion.
Make no mistake, there’s a price to pay when BC Hydro becomes a political arm of government. The intertwining of self-interests gets complicated, and the interests of ratepayers can take a backseat to political interests.
Three of the six companies in Bennett’s deal were highlighted in a December Financial Post article, “Debt risks mount as Canada’s base metal miners sink deep in the hole.”
One could argue that the headline alone justifies Bennett’s move, except there’s no guarantee — other than a hope and a prayer — that BC Hydro will be repaid.