BC government is reluctant to reveal information about BC Hydro’s Site C project but news that does emerge is useful to knowledgeable analysts…
Continue readingTag: McCandless.Richard
In-Sights: Non-standard accounting creates imaginary profits and hides failure
Future BC Hydro ratepayers will be paying excessive rates for electricity and BC Hydro financial statements have been distorted by non-standard accounting methods. These allowed the provincial government to direct payments of dividends funded by borrowing, not by real profits of the utility. But other failures and mismanagement at BC
Continue readingIn-Sights: Opprobrium
The analysis by Richard McCandless would be headline material if corporate media were paying attention to the public interest. Burdens imposed on ratepayers measure in the billions and traditional journalists — including the ones who reported for years on far smaller sums lost to fast ferries — report almost no
Continue readingIn-Sights: Masking BC Hydro’s financial condition
Under BC Liberals, BC Hydro stopped using regulatory accounts for rate smoothing and used them instead to hide the true state of the utility’s financial condition.
Continue readingIn-Sights: Liberal amounts of fake accounting
Residents of British Columbia understand financial pain that follows when officeholders subvert public utilities to gain political advantage and reward special interests. BC Liberals aimed to privatize public assets and services. When it could not be achieved overtly, it was done by stealth. After inevitable failures and disasters, legislators concealed them
Continue readingIn-Sights: Costing Site C Options
Another contribution from Richard McCandless, a former senior civil servant in British Columbia and a knowledgeable analyst who comments regularly on public affairs at BC Policy Perspectives. (Republished here with permission.) On Thursday the Liberal party promised to spend hundreds of millions on new and expanded programs, signaling the abandonment
Continue reading