tag:blogger.com,1999:blog-5235138415013046381.post3547386927431037729..comments2023-10-25T07:29:40.789-02:30Comments on UNCLE GNARLEY: FISCAL CLIFF: HARD OR SOFT LANDING?Des Sullivanhttp://www.blogger.com/profile/02566013585647491614noreply@blogger.comBlogger87125tag:blogger.com,1999:blog-5235138415013046381.post-33132781411554189072019-11-17T21:11:11.564-03:302019-11-17T21:11:11.564-03:30I see the giant Saudi Arabia oil company is not so...I see the giant Saudi Arabia oil company is not so valuable as expected.They said it was valued at about 2 trillion dollars, and planned to sell a small part on the stock markets, so had to get the assets evaluated by international banks etc. Now the value is actually in the range of 1.2 to 1.5 trillion, and not much interest, a considerable reduction. Supply and demand issue, and too much supply in the world, but we aim to double our production, and our oil is very ethical don't forget. Part of the The Way Forward, and 500 turned up at 500 a plate to hear Ball's Barrel CO2 figures, key to oil ethics question. <br /><br />Perhaps the GRETA effect and banks being pressured to lighten up on fossil fuel asset value. The Saudis said Greta was the greatest threat to oil valuations.<br /> Here with Nalcor and the future with the "bow wave" of offshore hype, perhaps it might be a bye bye wave.<br /> Any reader yet verify Ball's apparent false figure for the CO2 produced per barrel ......if a Niddy Noddy size Barrel?<br />Winston<br /> Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-23089242377278360602019-11-17T20:29:52.720-03:302019-11-17T20:29:52.720-03:30This comment has been removed by a blog administrator.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-55562020093830775552019-11-17T18:14:10.598-03:302019-11-17T18:14:10.598-03:30Don't forget he is a Qualipu MigMaw, status in...Don't forget he is a Qualipu MigMaw, status indian, whatever that is? and that entitles him to benefits from the feds from alleging to be a native of some ilk from somewhere????????? What a man, eh? Go Gerry go, eh bye!!! Taxpayer beware.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-51915005159239916562019-11-17T17:52:50.962-03:302019-11-17T17:52:50.962-03:30Winston, as an Alumni, get access to the Campus Bu...Winston, as an Alumni, get access to the Campus Buildings Energy Costs, and Strategy to reduce carbon dependence say next 20yr. That should provide substance to change the Admin World, and provide added value, (As Gilbert might say), to the discussion.Robert G Holmeshttps://www.blogger.com/profile/05356463540446993862noreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-63823203479879541832019-11-17T16:51:24.676-03:302019-11-17T16:51:24.676-03:30sure, we---sure, we---Waynenoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-32737843851894221512019-11-17T16:40:29.157-03:302019-11-17T16:40:29.157-03:30Sure, me must support Byrne in his quest to get a ...Sure, me must support Byrne in his quest to get a provincial pension on top of his Federal pension. Poor man--his feelings must be really hurt with your badmouthing. I can almost see a tear in his eye.Waynenoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-29752088410271226722019-11-17T11:27:59.737-03:302019-11-17T11:27:59.737-03:30This comment has been removed by a blog administrator.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-85604326900957422122019-11-17T10:38:13.494-03:302019-11-17T10:38:13.494-03:30I see that climate science done in Australia in 19...I see that climate science done in Australia in 1987 as to bush fires and climate change was ignored, and predictions now coming about.<br /> The science work in 1987 was to research the effect of rising temperature on the frequency and intensity and impact from bush fires. The research showed that it was not so much the impact of several degrees of temperature increase, but the impact of dryer conditions, that is lower relative humidity from climate change that was very dangerous. Yet this research was ignored, some more concerned then with an ice age risk ( as Andy Wells is now)<br /> Now we see the many fires in Australia and California. Yet politicians in Australia critical of "the greenies and the lefties" as the destruction goes on.<br /> Here with our power issues and whether heat pumps will cause a death spiral to electricity use, while Stan at the Inquiry said they HPs don't reduce peak demand in cold temperatures, which is false. From the mitigation hearings we see that Nfld Power will "once again" do research on heatpumps, their previous "research" being not "authorative" yet like Wade Locke, they are handed this task again. Why?<br /> My research, as mentioned in the past on UG, shows that cold temperatures is NOT the challenge or limiting factor for most of Nfld for HPs. Like the research done in Australia, it is relative humidity, and to a lesser extent, high winds impeding defrost.<br /> Here in winter, when it gets colder it gets dryer RH 60-80 range. When milder it is damper,often RH 90- 100 range. In Australia, dryness in summer is the enemy, here dryness in winter it our friend.<br /> At -17C, we measured a COP of 2.7 (270 % efficiency), while at about 0C, COP is about 2.0 (200% efficiency). This is opposite of what might expect.<br /> As long as cold climate models are used( which is not even recommended by Take Charge, but should be), performance actually increases about 1/3 as it gets colder, as fewer defrost cycles occur. If temperatures go lower than -20C, which is very rare, then COP will decline at very cold extremes, a concern for island inland like Buchans.<br /> We should watch as to Nfld Power's "research" methods and results, or if they contract that out? I thought Synapse was to do it, but a change of Plan it seems.<br /> As to my attempts to have MUN peer review my findings, the engineering dept at MUN had no interest! PENG2 expressed interest on this blog, but didn't follow through.<br />Winston Adams <br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-34167901411654202652019-11-17T10:34:26.213-03:302019-11-17T10:34:26.213-03:30I would suggest that $million, invested in sustain...I would suggest that $million, invested in sustainable development, (improved town planning), based on converting space heating loads to renewables, might head off more expensive expansion projects of the obsolete grid in the future. This conversation should be about smarter projects, not overpaid bureaucratsRobert G Holmeshttps://www.blogger.com/profile/05356463540446993862noreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-47634316475914497512019-11-17T09:04:58.997-03:302019-11-17T09:04:58.997-03:30If instead of the approximate 1 million payout to ...If instead of the approximate 1 million payout to Sturge, that amount was invested by a "competent investor", that my be "world class'even, at 10 percent return, compounded for 60 years, it would yield 300 million, payable against the MFs boondoggle. <br /> 10 % annual return is obviously outside the competence of Sturge to achieve for Nalcor, and his incompetence , especially as to MFs should be reason for dismissal with cause. But I suggest at least 100 competent and professional investors in this province can achieve the 10% long term return. <br /> 10 million so invested yields 3 billion, and 100M yields 30 billion.<br />Where do we find the 100M amount and the few necessary competent investors here?<br /> 100 million is not much money for the wealth that exists in St John's region. 5000 thousand here just lined up to dispose of over 1 million to the Oboma charity 1 hour conversation event, some to pay up to 10,000 for a photo. Despite the government hardship,surely we are awash is money. Just before that 500 lined up, and paid even more per ticket, to hear our great orator Ball speak and share his wisdom, alternative facts, and vision. <br /> Recall that Fortis grew from a small company to one worth many billions, so why is that we lack financial wizards in government and their agencies? Of all the knowledge and expertise at MUN, Locke is the best so far produced? Vardy expects solutions to come from MUN? I hold my breathe, but I may be wrong.<br /> Bruno may be closer to a solution: Rise up he says. Locke needs to go first, just like Sturge, but dismissed with cause. Does not the albatros of MFs hang around Locke's neck? He should be ashamed to be seen on campus, so grave and serious was his judgement. <br />Winston AdamsAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-72202533543743883962019-11-16T15:17:47.130-03:302019-11-16T15:17:47.130-03:30Great posts BFA, keep em comingGreat posts BFA, keep em comingLevy Payerhttps://www.blogger.com/profile/10196300514529410225noreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-12365483154347152852019-11-16T15:16:31.680-03:302019-11-16T15:16:31.680-03:30With all the delays, delays, delays, etc, What is ...With all the delays, delays, delays, etc, What is NS and Emera saying about all this? A billion invested years ago and nothing happening with electricity flowing their way. They must be getting angsty.Levy Payerhttps://www.blogger.com/profile/10196300514529410225noreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-41690325933849098632019-11-16T15:13:38.714-03:302019-11-16T15:13:38.714-03:30This comment has been removed by the author.Levy Payerhttps://www.blogger.com/profile/10196300514529410225noreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-54059302245825138142019-11-16T15:06:57.899-03:302019-11-16T15:06:57.899-03:30Letting Sturge go --- now--- supposedly without ca...Letting Sturge go --- now--- supposedly without cause, is a way to preempt what Leblanc's report may say ---, i.e., that Sturge failed miserably in his financial duties/obligations.<br /><br />By acting now, Nalcor can argue that it had no reason (ostensibly) to withold Sturge's $900 K.<br /><br />As I said when Stan was appointed --- Ball merely changed horses.<br /><br />Pile it on boys. Why not keep following the PC government's mantra and keep on screwing rate/taxpayers.Maurice Adamsnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-51000508070140233332019-11-16T14:11:44.199-03:302019-11-16T14:11:44.199-03:30PENG2
There is little doubt that we had Ed Martin...PENG2<br /><br />There is little doubt that we had Ed Martin who basically a "rogue" leader of NALCOR who ruled by a his way or the highway mentality!<br /><br />Then we had a wide assortment of people ranging from politicians, public servants and other employees of NALCOR who ended up being "spectators" to a core group of people starting with Ed Martin, Gilbert Bennett, Paul Harrington and their personal group of cronies who did exactly as they were told.<br /><br />It was literally a perfect storm!<br /><br />In any event people have to be made accountable.<br /><br />I'm sure Justice LeBlanc's report will make for some "interesting" reading!<br /><br />There is little doubt in my mind that the "dismissal" of Derrick Sturge is a preemptive strike by NALCOR regarding what will inevitably come out in the Inquiry report.<br /><br />We can only hope that someone is finally going to make some sort of sense for this entire mess!Bottom Feeders Anonymoushttps://www.blogger.com/profile/07148643222872976241noreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-20845103940978824082019-11-16T13:21:53.719-03:302019-11-16T13:21:53.719-03:30BFA @ 12:44:
Maybe read a post in full, you will ...BFA @ 12:44:<br /><br />Maybe read a post in full, you will nots that i also said:<br />[start]<br />Now, it does become a different discussion when looking at the legislation of how Nalcor is governed and how they derive profit - this becomes a government policy issue which we need/should have to fix at the ballot box.<br />[end]<br /><br />And this pretty well covers most of what you said.....<br /><br /><br />As for your statements on EM,the Auditor General disagrees - now, I will never be known as a fan of EM either, but he did get what he was due there. The fault there was DB not understanding the Employment Contract - again check the link I provided above and look at the report instead of media bluster.<br /><br />Whether anyone want to accept, government policy can only be changed at the ballot box if we stop the lemming behavior - and government policy is the root the cause of 'boondoggles' 'fiscal cliffs' and the like of all sorts.<br /><br />PENG2Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-27501107596203958662019-11-16T12:44:49.650-03:302019-11-16T12:44:49.650-03:30PENG2
Profit?
It's a relative term don't...PENG2<br /><br />Profit?<br /><br />It's a relative term don't you think?<br /><br />We have pumped BILLIONS of dollars into NALCOR just in a couple of short years.<br /><br />Derrick Sturge was literally the man being paid to hold the purse strings.<br /><br />While he was holding these purse strings he basically sat as a highly paid spectator while NALCOR spent our money as if it were monopoly money!<br /><br />He did nothing other than write himself Dear Diary letters in an effort to try and cover up what he knew full well was completely wrong!<br /><br />Yes he and others should be held accountable!<br /><br />We cannot simply continue to reward incompetent behaviour!<br /><br />While we are on the topic of Ed Martin we all know how much of a shit show that was?<br /><br />The only person in history to resign his job, have a board of directors "refuse" his "resignation" and have him dismissed without cause triggering his "platinum" handshake!<br /><br />This of course took place when we had Dwight Ball et al in charge who at the time wouldn't know their own arses from a hole in the ground!<br /><br />There is plenty of incompetence to go around on the whole mess!<br /><br />With regard to NALCOR turning a "profit"?<br /><br />That one can only be accomplished by a bunch of head in the ground accountants?<br /><br />Any of us who are in the real business world would love to have a "blank" cheque to enable us to turn a profit?<br /><br />By the way this should also get interesting when NALCOR has to officially declare the entity known as Muskrat Falls as an asset for accounting purposes?<br /><br />We all know that the actual worth on paper is going to be BILLIONS of dollars less than what it cost US to build it!<br /><br />It should be interesting to explain that "profit" when we as taxpayers have to take a write down on NALCOR assets?<br /><br />You talk about the proverbial catch 22?<br /><br />We have billions of dollars of public money which interestingly enough WE had to borrow in order to fund NALCOR'S incompetence on the Muskrat Falls project!<br /><br />1) We have the pleasure of owning a hydro project which is actually worth less than what it cost to build.<br /><br />2) We have to pay back as a Province what we borrowed to pay for Muskrat Falls construction.<br /><br />3) We have to pay off a second debt which was also created by simply by building Muskrat Falls in the first place. We will have the "pleasure" of doing just that with our monthly power bills.<br /><br />"Profit" certainly is a relative term!<br /><br />Bottom Feeders Anonymoushttps://www.blogger.com/profile/07148643222872976241noreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-61019717377490490512019-11-16T12:17:47.160-03:302019-11-16T12:17:47.160-03:30Wade Locke recently on NTV saying we are not going...Wade Locke recently on NTV saying we are not going bankrupt, and he is presenting a new paper and invites comment, not sure?<br /> Any other info on this? Does he have a Plan as suggested by Vardy?<br />Locke such a big joke, how can anyone take him serious, or the media give him air time, as if a credible expert. <br /> This is the best MUN can put out there! Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-347903759569643132019-11-16T12:09:19.263-03:302019-11-16T12:09:19.263-03:30PENG2, so what PERCENTAGE of total experts at MUN ...PENG2, so what PERCENTAGE of total experts at MUN is 3 that gave presentations, and what percentage wrote letters? And what percentage just recently had recommendations for rate mitigation? You are silent on that.<br /> Sturge: admits he was often out of the loop on critical financial information, so incompetent, and should have been terminated with cause, as to MFs, after the Inquiry exposed his incompetence.And likely others too.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-27332287781406395892019-11-16T11:01:44.232-03:302019-11-16T11:01:44.232-03:30BFA @ 10:37:
If its the principle, that's a g...BFA @ 10:37:<br /><br />If its the principle, that's a good discussion to have - the dollar amount is relative to his compensation and really immaterial unless a total review of government compensation/executive contracts is taken on.<br /><br />The problem I see with your argument is that the AG found EM was terminated without cause - Id say it would then be a hard argument to make that a subordinate was guilty of malpractice, especially when Nalcor was producing profit. Now, it does become a different discussion when looking at the legislation of how Nalcor is governed and how they derive profit - this becomes a government policy issue which we need/should have to fix at the ballot box.<br /><br />PENG2Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-21757165108172647652019-11-16T10:37:48.121-03:302019-11-16T10:37:48.121-03:30PENG2
Derrick Sturge should have been fired WITH ...PENG2<br /><br />Derrick Sturge should have been fired WITH cause many months ago.<br /><br />He was getting paid to oversee the financial operations of NALCOR?<br /><br />He failed on every level!<br /><br />Is he the only person at fault?<br /><br />Not by a long shot!<br /><br />However we simply cannot ignore what the persons responsible did in this fiasco?<br /><br />These are the key people who were "supposed" to be working for all of us the residents of the Province!<br /><br />We should never be rewarding incompetence!<br /><br />I don't think it is the actual dollar amount that has anybody upset?<br /><br />It is the principle!<br /><br />You should have to actually earn your rewards and bonuses, not a rubber stamp as NALCOR has proven time and time again!<br /><br />Hey if NALCOR were a private company that is between the company and their shareholders!<br /><br />Apparently NALCOR still hasn't grasped the idea that they are a Crown Corporation and they are answerable to the residents of the Province!<br /><br />Why do people try to defend the indefensible?<br /><br />That is unless you are also waiting for your "Platinum" handshake!Bottom Feeders Anonymoushttps://www.blogger.com/profile/07148643222872976241noreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-84530698127539109102019-11-16T09:50:42.887-03:302019-11-16T09:50:42.887-03:30The term "forced taxation" is what's...The term "forced taxation" is what's known as an oxymoron. The notion of "forced taxation" is requisite upon the notion of its converse, "optional taxation" which of course is a non sequitur. Therefore the notion of "forced taxation" is also a non sequitur.<br /><br />That said, I strongly suspect that the Nalcor monstrosity's days are numbered, either due to the recommendations of the LeBlanc report, or as one of the conditions of the coming federal bailout, or a combination of both. Look for the beginning of the end to commence shortly after Mr. Marshall's departure.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-55744359222855285762019-11-16T09:46:50.794-03:302019-11-16T09:46:50.794-03:30Anony @ 23:22:
So, why didn't the public list...Anony @ 23:22:<br /><br />So, why didn't the public listen to the 3 presentations made to the PUB from MUN professors or the 7 different professors that wrote the Telegram criticizing MF in the 6 months preceding the PUB hearings in 2012? or, why didn't the public listen to Prof B on his alternatives etc?<br /><br />Considering Sturge's situation, is it the dollar amount or the fact he got severance at all that bothers you? As per his employment contract, Sturge got 1yr + 1 month + benefits for every year of service - this is much less than what EM got (2yrs + benefits). In the case of EM, the Auditor General said the severance agreement was appropriate for the position - probably would in this case to. Both these employment agreements date back to the DW era pre-Nalcor - not new information.<br /><br />Sturge's contract:<br />https://media.socastsrm.com/wordpress/wp-content/blogs.dir/900/files/2019/11/Derrick-Sturge-Contract_Redacted.pdf<br /><br />AG report on EM:<br />https://www.ag.gov.nl.ca/ag/special/EdMartinReport2017.pdf<br /><br />PENG2Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-75838942161067417912019-11-16T09:29:00.489-03:302019-11-16T09:29:00.489-03:30There is little doubt about that one!
He has cont...There is little doubt about that one!<br /><br />He has continually blamed the residents of the Province for our Muskrat Falls situation.<br /><br />You have to keep those pay cheques flowing especially if you are a contractor.<br /><br />I would say he is silently praying for Gull Island!<br /><br />Fill up the troughs for Muskrat Part 2!Bottom Feeders Anonymoushttps://www.blogger.com/profile/07148643222872976241noreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-89608701221701913282019-11-15T23:22:32.104-03:302019-11-15T23:22:32.104-03:30Let's see: PENG2 is "not sure" that ...Let's see: PENG2 is "not sure" that MUN could have done more to expose the lunacy of MFs project. What percentage of MUN's experts were vocal or wrote letter opposing the flaws? What percentage proposed ways to mitigate the high power rates?<br /> And too, PENG2 is not critical of Sturge's windfall. Stan can do no wrong in the eyes of PENG2.<br /> Is PENG2 still on the Nalcor payroll?Anonymousnoreply@blogger.com