Editor,
I’m glad to see that a bill has been passed (Bill C-59) that prevents fossil fuel companies from ‘greenwashing’ their projects. The bill prohibits a public “statement, warranty or guarantee of a product’s benefits for protecting or restoring the environment or mitigating the environmental, social and ecological causes or effects of climate change”, if the claims are not based on “an adequate and proper test”. It also demands that the claims be in accordance “with internationally recognized methodology”.
In both cases, the onus is on the person making the claims to provide the relevant proof. Those found to be in violation could be slapped with huge penalties. Perhaps, TC Energy should pay attention to this?
Economist Jeremy Wentworth-Stanley has graciously given me permission to publish a condensed version of his recent report on the proposed TC Energy Pumped Storage project:
- TCE has stated that the primary purpose of the project is to create “storage” of hydro that would be available to serve thousands of customers for several hours. At times of outages, the proverbial 95% reason is a breakdown in the grid, so that any amount of capacity cannot be distributed anyway.
- The principle of low cost hydro at nighttime to replenish the reservoir in order to provide daytime hydro at higher rates is a pipe-dream. The profile of hydro demand is changing rapidly, as requirements are moving to a round-the-clock formula. For example: recharging EVs; operating AI platforms; heat pumps; greenhouses; 24 hour shiftless manufacturing; major construction projects at night. If TCE obtains a long-term contract, the Provincial government would need to guarantee the spread, a cost that would be borne by consumers and all for no benefit, except to TCE profits.
- If a “spread” were to be available, the project would then offer guaranteed returns, which would be an ideal acquisition for a hedge fund. Historically, these enterprises operate on an “extractive” basis, and contributions and support of the community are scarce. TCE would be looking to sell the project on a stand-alone basis in order to refurbish its balance sheet.
- TCE’s balance sheet is third-rate, and its debt obligations amount to $68 billion, one third of which falls due this year in an environment of decades-higher interest rates compared to when these loans were originally executed. Many of the outstanding debt issues are “BBB” rated, which is classed as junk status. Capital markets are becoming increasingly wary of TCE because of its predominant role in transportation of fossil fuels.
- The financial deficiencies underscore two hugely important potential outcomes: First the project will be a non-starter without full funding and guarantees of the Federal and Provincial governments. Second, the cost overruns based on other major projects will be enormous. The project could be halted mid-construction.
- TCE failed to notify the public or the government of the true cost of terminating the natural gas plants in Oakville and Mississauga under the McGuinty regime. It was originally stated as $120 million and came in at $980 million.
- It should be noted that the project is a net draw on the Province’s hydro output, and non-accretive. IESO has confirmed this twice. Unnecessary drawdowns will be eliminated.
- Given that the storage prospect, as outlined by TCE makes no business sense, and recognising TCE operates in a limited disclosure context, logic and reasoning point to a very different course of intent. The collusion between the corporation and the government has resulted from a looming catastrophe at the Tank Range. The land is impregnated with oil and related waste; gypsum; benzene; capped oil wells; PCBs; asbestos; fire-retardants; poisonous gas residues; toxins; fuel additives; gunpowder; debris, all under heavy, repeated compaction. TCE admitted personally to a Town of Blue Mountains councillor “that the land is in a horrible mess and they would need to dig down to the bedrock”. Therefore, the site becomes “suitable” for a major wind turbine park. The wind park would be cordoned off from the prying eyes of the public and journalists, as is the case now, and the contamination would be quietly set aside. The storage protocol fits this new model.
- There would be a continuing corporate goal to expand the footprint of the industrial wind park, both on land and water. There would need to be a closely guarded exclusion zone around both the pumps’ intakes and the wind turbines. Georgian Bay loses views, community access and integrity.
- Finally, whatever contaminants are stirred up as a result of “flushing the toilet into Georgian Bay from the Base every day” or the turbidity around the intakes, the risk to safe drinking water is a liability of significant legal intercession.
As for “flushing the toilet into Georgian Bay every day”, the Ontario Clean Water Act can hold municipal council members criminally liable for drinking water source contamination.
TC Energy’s extensive lobbying and collusion with politicians has finally been exposed by The Narwhal and National Post. As quoted in the National Post; “We’ve been given opportunities to write entire briefing notes for ministers and premiers and prime ministers,” Liam Iliffe told attendees at a TC Energy ‘lunch and learn’ session. Of course, this senior TCE executive left TCE. In spite of obtained recordings, TCE has denied these activities but this exposure only supports my past suspicions.
Best Regards,
Mike McTaggart, Meaford
