Hey Ontario!!! …. are you willing to let this Government screw you out of 58 BILLION $$$$ for Green Energy????

Posted: February 14, 2013 in Uncategorized

That’s $58,000,000,000.00 in case that’s too hard to fathom!

We can’t even afford enough Doctors, Nurses, Educators, or other social programs to maintain a decent quality of life in Ontario let alone throw 58 billion dollars into some investors and politicians pockets to supply their so-called GREEN Energy to heat our homes let alone light up  the streets!

All that’s wrong can be summed up in one sentence:

Wind, solar contracts could cost Ontarians $58 billion, resident says 

By Valerie MacDonald, Northumberland Today

Wednesday, February 13, 2013

BALTIMORE – The Ontario government’s 20-year contracts for wind and solar power under the Ontario Green Energy Act will cost Ontarians $58 billion more than it should for green power, says Hamilton Township resident Stuart Henry, a retired security chief administrative officer. This will add $600 to the amount people will pay on their electric bills each year for the next two decades, he says.

“Over 20 years, Ontario residents will pay $58 billion more for the purchase of an identical amount of green energy than the New England states who buy green energy hydro power from Quebec at the real market rate of 8.1 cents per kilowatt-hour,” Henry states in a summary of his financial analysis.

Henry is so concerned at the financial provisions of the provincial Green Energy Act and the consequences to Ontario’s industrial sector, and its residents, that he has contacted the Ontario Auditor General and is urging others to do the same.

Now is the time Ontario should be making a long-term deal with Quebec when that province has an abundance of hydro and the best terms can be struck, Henry asserts.

“My concern about green projects is economics and it’s not the NIMBY (not-in-my-back-yard) issue,” said the man who lives several kilometres from a proposed wind turbine project in the Centreton area.

His actions relate to the financial burden he said he believes the Green Energy Act will strap onto Ontarians – and his concerns go back several years.

Not only does Henry say he and a lawyer met with the Ontario Power Authority (OPA) in 2010 to get more clarification about the Green Energy Act contracts that would be made with companies and individuals, but within the past month or so he has contacted Ontario Auditor General Jim McCarter. He has provided his rationale and financial figures about how Ontario’s debt will grow and how it will affect Ontario’s financial rating.

As of the end of 2012, the Ontario government debt was $273.5 billion. Henry’s estimated $58 billion more from green-energy contracts is a significant addition.

“That’s why the Attorney General should initiate an inquiry to find out how this occurred; what was the approval process all the way through,” he said during an interview this week.

Henry’s financial analysis is based on the Feed In Tariff (FIT) and the Act’s goal of creating 10,700 megawatts of green power over the next 20 years, he said. Taking what he believes is a realistic overview, he estimates that the Act’s goal would be achieved with wind power creating 80% of that and solar power 20%. His formula includes a wind power pay out at 13.5 cents per kW-h and solar at 44.3 cents per kW-h, and a rate of conservative power generation from each source. He then compares that amount of power generated through FIT and buying the same amount of green (water) power from Quebec Hydro at 8.1 cents per kW-h to come up with the estimated $58 billion extra he believes will be paid by Ontarians for green power from FIT compared to buying it from Quebec Hydro.

Henry has another concern, too.

Because contracts with OPA and the Ontario government can be “flipped” to a third party or are “assignable,” Henry believes there is a significant chance of Ontario being left holding the bag if a project doesn’t work out. If there are punitive clauses in the contracts that provide a financial penalty to financial backers putting up the capital for green energy projects if they don’t proceed, money will be spent whether power is generated or not, he argues.

This is another aspect he wants the Attorney General to investigate.

READ MORE HERE:

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Comments
  1. Mike says:

    Come to Cornwall UK for a similar picture to Ontario – a microcosm of how the Green Scam has taken hold of the UK ( Cameron PM’s father in law earns £1000 per day from turbines on his estate). Government “For The Few by The Few” applies here in the UK.

    Cornwall’s main income is tourism and retirement – both are now damaged by massive wind turbines and solar farms. Who would want to retire to/ spend holidays in an area where one’s view and health is likely to be blighted tomorrow if not today by the Scammers – not to mention making one’s prime asset ( home) becoming unsellable..

    http://www.cornwallprotect.org

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