Now we know.
TC Energy’s pumped storage proposal, which started at an estimated $2.2 billion in 2018, will actually cost $7 billion by the time it is built. TCE admits that in a January 11 press release and agrees to cap it at that level. But that’s not counting pre-construction costs it wants Ontario taxpayers to pick up the tab for. Energy Minister Todd Smith has also instructed the $55 billion Alberta company to apply to Ottawa for help in underwriting these expenses, which means all Canadian taxpayers will be on the hook.
All this for a scheme that Ontario’s energy regulator says makes no economic sense. And by the way, it couldn’t start functioning until a decade from now.
Is there something wrong with this picture? They will carve up our landscape and meddle with our bay and they want us to pay them for the privilege?
Clair Balfour, Meaford