tag:blogger.com,1999:blog-5235138415013046381.post9147676146676502081..comments2023-10-25T07:29:40.789-02:30Comments on UNCLE GNARLEY: CAN MUSKRAT FLOAT AFTER A BAILOUT?Des Sullivanhttp://www.blogger.com/profile/02566013585647491614noreply@blogger.comBlogger78125tag:blogger.com,1999:blog-5235138415013046381.post-75993649735003157322018-03-07T19:11:05.090-03:302018-03-07T19:11:05.090-03:30The civil service does run the province but senior...The civil service does run the province but senior management is politically connected and almost entirely filled with incompetent sycophants. The figure heads are absolutely useless and the civil service is largely clueless. People like Dave Vardy or Des don't exist in any of the departments I've worked for and I hear from colleagues that it would be insane to take a management job and lose union protection because doing a good job in management would get you fired because you'd be at odds with the incompetence around you. Maybe the civil service was more competent many years ago but now it is a pathetic clown show. It is embarrassing to watch. There is a web site called people of walmart which is full of pathetic images that will make you cringe. Well, the performance of the senior civil service is equally cringe worthy. We are in big trouble.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-29463685802597086992018-02-28T16:24:11.265-03:302018-02-28T16:24:11.265-03:30I believe the largest state own company is Saudi A...I believe the largest state own company is Saudi Aramco. Even the Saudi crown prince gives the company more autonomy. Plus recognizing the private sector can run it better they are privatizing . Even the crowd operating under Sharia law gets it. We just do not have the culture, relationship with unions or political leadership to operate business. We have 48 MHAs, hundreds of un-amalgamated tiny communities - we are governed to death. Where are all the leaders suppose to come from in a province of 500k? We are governed to death. Our civil service must run the province while we nit pick over the figure head politicians. Amon 77https://www.blogger.com/profile/18183660051300173883noreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-90365147424209310932018-02-28T14:47:57.794-03:302018-02-28T14:47:57.794-03:30We have China state run corporations buying out se...We have China state run corporations buying out senior's homes businesses in the lower mainland. All the top trickle down Tories don't seem to be able to hold back foreign state run "business". Who do you expect to step up and buy Exxon's share of Terra Nova? Ball corp? American State run enterprises, (Trump's Buddies), have control of roughly 2/3 interest in Canadian extraction biz. thanks to the dumb NAFTA, (Mulroney), deal. Enough!Robert G Holmeshttps://www.blogger.com/profile/05356463540446993862noreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-43586800310742496992018-02-28T13:59:04.476-03:302018-02-28T13:59:04.476-03:30An: 77. Just asking a question, not agreeing or di...An: 77. Just asking a question, not agreeing or disagreeing with you, as I am probably not in the know as much as you. Is HQ not a crown cooperation, they are big and seem to be doing really great. It is my understanding that some of the Norwegian companies, including companies that are government run, or maybe similar to crown cooperations. Of course I stand to be corrected. Are they not doing very well in competing with the private industry oil companies.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-26809127618899212272018-02-28T13:56:27.965-03:302018-02-28T13:56:27.965-03:30Under Stan, that cloud of Hubris has only gotten b...Under Stan, that cloud of Hubris has only gotten bigger (but has certainly changed colour --- from blue to red). <br /><br />Just as Ed did Danny's (PC) bidding, Stan is doing Dwight's (Liberal) bidding. <br /><br />Any CEO worth his salt would have insisted on conducting a thorough review of the project(so as to bring his or her own experience and good judgement to a course of action that would best suit the needs and be in the best interest of the province).<br /><br />Instead, Stan (lock-step in line with Dwight's, Paul's, Cathy's, and Danny's earlier decision) announced almost immediately a plan to put Muskrat back on track, to push ahead and 'finish strong'.<br /><br />Dwight changed horses, while we have ended up with the horse's ass.<br /><br />Maurice Adamsnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-57830268861209589382018-02-28T13:24:41.657-03:302018-02-28T13:24:41.657-03:30W. Adans:
The point I was trying to make is in NL...W. Adans:<br /><br />The point I was trying to make is in NL we really frown upon anyone making large salaries. This certainly extends to anyone associated with Govt or a govt dept. In the private sector, CEO’s of successful mid and large sized companies earn extremely high compensation. For some reason we celebrate altletes and entertainers when they earn the big money but frown upon men and women leading the companies that determine success or failure for the masses - including workers and investors. The ppl who become such leaders are often super smart, high IQs and EQs, gifted at organizing and talent management. Anyone with any saving or even CPP rely on these leaders to allocate and control capital. I know a lot of world class CEOs. Most possess exceptional gifts and what they do is not easy. Many burn out early. The public only ever sees the $ and the prestige - but have no idea what these ppl really do. I will say most of the successful CEO’s that I know are humble ppl and follow servant leadership. They are driven and possess the share grit to move companies along and yet are well liked by their ppl.<br /><br />I really don’t know much about Marshall other than what’s out there in the public. I will say I see the driven and focused type in him and I really don’t think he cares how the masses see him. He is focused on the task at hand. Not 1% of me believes he has this master plan to make a lot of money off this and it disheartening to see the comments. There must be some level of respect afforded to the man. My guess is he’s doing it for the challenge and to help his province. Most leaders are driven by passion and not fortune.<br /><br />I have no doubt the province should not be involved in something the private sector can do. Anyone needing assurance - just look at our history repeating itself.<br /><br />But if we are going to be H bent on the province running businesses we have to familiarize ourselves with how to attract and keep the best of the best. You pay 500k to Nalcor and give any leader grief and non stop public ridicule - careful over who you get to lead. Keep expecting them to act the politician - you are gonna get politician types leading.<br /><br />Paying 500k is middle management talent with a lot of companies. Note exclusive one off utillirs pay less because they are part monopolies. <br /><br />M. Adams:<br /><br />There is a lot of misconceptions about privatizing or enabling securitization of a utility. The PUB will control the return. The small premium must be weighted against the ability of a utility to operate more efficiently. This is not giving something away. Based on Nalcor’s moves we definitely should of privatized a long time ago. Especially when they started doing business beyond the original Hydro mandate. The world of mega projects is no place for crown corporations with politicians and civil servants playing the steward: they are just in over their heads under a big whole cloud of Hubris.Amon 77https://www.blogger.com/profile/18183660051300173883noreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-51582723116672308192018-02-28T12:42:12.922-03:302018-02-28T12:42:12.922-03:30Bernard, Canadian history is fraught with determin...Bernard, Canadian history is fraught with determining how the politics play out when sovereignty over crown assets are the issue. In your own province, regarding the possibility of separation, it became evident that crown assets in Quebec was "owned" by the people of Canada. An accommodation or persuasion was made politically through the usual Federal money trail to avoid a nasty court fight. Same thing happened with respect to Energy East. Here in BC. the Feds have moved swiftly to take approved moneys off the table in Fed funding in efforts to get BC to back down on the opposition to pipelines. It is only a matter of time and political strategy, that the Feds must resolve the NL/Que entanglement. Muskrat will be the poison pill to swallow.Robert G Holmeshttps://www.blogger.com/profile/05356463540446993862noreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-35060305111758778612018-02-28T12:15:20.871-03:302018-02-28T12:15:20.871-03:301. CEO of Fortis, Barry Perry, makes about 8 milli...1. CEO of Fortis, Barry Perry, makes about 8 million per year, including all compensation.......according to their financial statements.<br />2 Stan retired of course as CEO and took this job for only 600,000.00 a year. He is making good progress, but a Strong Finish is yet to be decided.<br />3. Fortis: 15 million tons of GHS per year to the environment.....is that good....<br />4. Nfld Power, and Nfld Hydro; second worse in the country for customer energy efficiency and conservation program.....is that good...<br />5. Yes, I have a family member who gets a little benefit from Fortis dividends, not much, and other companies pay more in dividends......<br />6. Agreed , Fortis would have avoided this boondoggle, and Stan should have been very vocal to point out the many false assumptions......why did he not......<br />7. Perry boasted that they have the money and seek opportunities in Nfld........<br />8. Yes , Clyde Wells was once part of Nfld Power, and then wanted to take over Nfld Hydro, when he became Premier. But Nfld Hydro was well run then, no boondoggles.<br />9. We created worse than CF, much worse. Whose fault.....Leblanc will tell us, will he......<br />10 How does Fortis compare with Emera as a corporate citizen giving back.....<br /> NS took customer conservation away from the power company, and gave it to Efficiency NS, feeding back 50 million a year to customer upgrades, and bringing down peak demand about 40 MW per year. Nfld Power, has a budget of 5 million a year, one third of which goes to useful programs. <br /> Emera pumped in 3 million a year (30 million over 10 years), of Shareholder money , to assist customer with efficiency improvements. How much does Fortis company do for customers here.......<br /> Fortis, yes , like a fort, lots for the major shareholders, not so much for Nfld Power workers or the public.<br />Winston AdamsAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-47194348082933146932018-02-28T12:04:37.525-03:302018-02-28T12:04:37.525-03:30Anon 10:54, I stated specifically that I have no o...Anon 10:54, I stated specifically that I have no outlook for cash-flows on the Upper Churchill. I stated specifically that I have no idea what it would cost to maintain the facility. I simply stated that it is one of the largest hydro-electric assets in the world and surely one should has to decide what it is worth before claiming NL is insolvent. However, you seem to know the answer to that question and your conclusion is that the Upper Churchill will be basically worthless in 2041. Fair enough, if it is worthless we can safely ignore it. Robert, sorry I have no idea what you are talking about. Are you saying the federal government could claim ownership of Provincial hydro assets? Hmmm that would cause a stir. Perhaps you can elaborate.Anonymoushttps://www.blogger.com/profile/07341048560339265318noreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-20218384137804543682018-02-28T11:34:28.860-03:302018-02-28T11:34:28.860-03:30Notwithstanding (and recognizing) Stan's past ...Notwithstanding (and recognizing) Stan's past achievements in the private sector, Stan has since morphed into a new and improved Ed Martin. PERIOD.<br /><br />In some ways, even less transparent and a greater risk to the people and the province. <br /><br />Maurice Adamsnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-11132688755949908642018-02-28T11:15:37.924-03:302018-02-28T11:15:37.924-03:30Legal tests of the 1949 Terms of Confederation, re...Legal tests of the 1949 Terms of Confederation, regarding undefined ownership of offshore resources, confirmed "crown asset" attributed under Canadian law belonged to the people of Canada. We must remember that ownership of natural resources essentially rests with the Federal Government. This is being tested again in BC, with respect to pipelines from one province over another's territory. Alberta would argue that Albertans alone "Own the oil". A test case is brewing as to the ownership of Hydro crown assets in Quebec and NL. This will have major impact how the stranded asset, Muskrat, financed by the Feds, will be disposed of. Stay tuned.Robert G Holmeshttps://www.blogger.com/profile/05356463540446993862noreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-18825966231209067412018-02-28T10:54:22.476-03:302018-02-28T10:54:22.476-03:30Bernard, if NL is insolvent in 5 years time, what ...Bernard, if NL is insolvent in 5 years time, what good is it to claim we may have a windfall in 23 years time? Long distance hydropower transmission could be completely non-compepitive as an export commodity by then. Your implied outlook for UC earnings potential seems much too rosy. Chances are a renegotiation with HQ sees nearly all the revenue go to HQ for transmission fees just as the majority of the Recall Power total revenue does today. Post 2041 UC profit to NL could be quite lean. The plant will be 65 years old and upkeep costs on the rise. Ditto for the transmission lines. It may not be a very enticing picture.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-988569399595849742018-02-28T10:12:34.246-03:302018-02-28T10:12:34.246-03:30Hear. hear.
KeithHear. hear.<br />KeithAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-56663499146431140692018-02-28T10:00:56.631-03:302018-02-28T10:00:56.631-03:30I believe it’s exactly those crazy conspiracy theo...I believe it’s exactly those crazy conspiracy theories about Fortis and Stan Marshall that put us in this mess in the first place. The NL mentality and paranoia about someone getting ahead so keeps us back.<br /><br />Yes, heaven forbid a company like Fortis run this. Heaven forbid a company run by gifted, educated and experienced ppl all of whom from rural NL run this. Heaven forbid the only large cap public company to ever come out of NL run this.<br /><br />What absolute BS. Bad enough reading this stuff on the main FB page but to see it in with some pretty decent and educated Blog comments is discouraging.<br /><br />For ppl who are paranoid over Marshall: Google what CEOs of public companies earn for goodness sake. Look at their skill set, stellar educational backgrounds and sheer grit that pushed their companies forward. If a family member, a union friend, a senior,or nearly anyone has one dollar in a pension (and we all do via CPP) you rely on these ppl to build the equity. Who do you think more ept to run a company - the govt or the private sector? Look at our history. Look at this Nalcor and MF - how’s that working for us?<br /><br />Yes a few hundred thousand is a lot of money to most but peanuts for CEOs of large companies. Yes, Stan is in it for 600k. Good one. Yes it’s all a big conspiracy for Stan to make money off his Fortis shares - good one. What craziness to even try to follow that one through. <br /><br />The Nuts we put in power is just a reflection of our society. If anyone can remember, back in the early 90’s privatizing Hydro was mentioned. And the unions and open line crowd went ballistic - Not one of whom have the foggiest clue as to what that even means for the province. What it would of meant was the mess we call Nalcor would never have come into existence and by extension no MF.<br /><br />We created another Churchill Falls. Same mentality, same errors and same outcomes. The province has absolutely no business trying to run a business - hello! We haven’t learned that yet?<br /><br />And FYI - I have no connection to Fortis or Stan. Never so much as met the man.Amon 77https://www.blogger.com/profile/18183660051300173883noreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-44366047899048863682018-02-28T09:06:41.541-03:302018-02-28T09:06:41.541-03:30I don't suppose Rex ( Murphy) is on this blog!...I don't suppose Rex ( Murphy) is on this blog!!! .... Or is he????? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-15807765373995886222018-02-28T01:15:54.302-03:302018-02-28T01:15:54.302-03:30Seems to me that Nalcor and our govn hope for a Ha...Seems to me that Nalcor and our govn hope for a Hail Mary from the Supreme Court of Canada on the Upper Churchill .<br /> Quebec says a contract is a contract, and that has held so far.<br /> Nlfd argues that under Quebec civil law, a unfair contract can be adjusted to make it more fair.<br /> Interesting , if I am right , French civil law comes from Napaloen, yet Quebec, HQ, they say British laws apply. British law says a contract is a contract, but Nfld , long tied to Britain, argues that the French civil law should apply, so we can get redress.<br /> If Nalcor is successful , then we are indebted to poor old Nalopeon, who seemed to have a fairer system than the British. Yet, did they not find arsenic in Napoleon's hair a decade ago, suggesting that the British poisoned him on Elba , was it?<br /> Oh, the shame. A win at the Supreme Court , and Ball must apologize to the French, and Quebec, and admit they have more just laws, therefore maybe more civilized, that being civil law. <br /><br />Winston<br /> Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-85483721691804991552018-02-27T23:52:17.887-03:302018-02-27T23:52:17.887-03:30All good points Winston - I am simply saying that ...All good points Winston - I am simply saying that it is surprising that Planet NL would forecast spiralling deficits to 2070 with no consideration whatsoever of revenue from the Upper Churchill from 2041 onwardAnonymoushttps://www.blogger.com/profile/07341048560339265318noreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-5414940735568712432018-02-27T23:07:19.162-03:302018-02-27T23:07:19.162-03:30Winston if I may comment as well, as Joe, that may...Winston if I may comment as well, as Joe, that may be our ace in the hold. Yes, we do have a problem with cash flow at the present time, so we are asking the Feds to take over the boondoggle for the present, which they helped create, and because we will not always be in this position for always, that in 2041 we will have a cash flow from UC, and will be able to pay our way out of this mess. So this situation is temporary. And by the Feds doing the right thing, and assuming their obligations under the loan guarantee, they will take ownership for both the boondoggle as well as the loan, and provide NS with their power, and that will prevent our insolvency at this time.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-12114995476047109152018-02-27T22:59:53.878-03:302018-02-27T22:59:53.878-03:302041 is 23 years away, a long time if one is short...2041 is 23 years away, a long time if one is short on bread. I would expect bond holders would want to see prudent expenditures by government going forward to let us reach this light at the end of the tunnel. <br /> 50 dollars per Mwh is 5 cents per kwh. I expect it may be worth more if fossil fuel burning is curtailed, but hard to predict that far out. But that this project proceeded when it did, leaves a valuable asset for the future, if we retain it, unlike MF.<br /> Might CF be part of our economic salvation?<br />WinstonAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-40851153352783840642018-02-27T22:43:57.347-03:302018-02-27T22:43:57.347-03:30Planet NL correctly says that Nflders will substit...Planet NL correctly says that Nflders will substitute away from electric "resistance" heating. Resistance heaters are these that have elements: baseboard heaters, fan electric heaters, radiant heaters,electric duct heaters are all resistance heaters that are very inefficient, and of the Model T era design. <br /> Dave Vardy likewise says there will be a replacement of electric heat by more efficient forms.<br /> There is already a large uptake of minisplit heat pumps. These use about 65 percent less electricity. 650 MW of our winter peak load is for residential space heat, so this is a potential of 422 MW reduction form this alone. A ICF report for our power companies states that if all efficiency measures are used, it offers a 31 percent reduction of energy needed for the residential sector alone. <br /> For those that convert to wood or other non electric source,the power company loses all the space heat load from those houses. For heatpumps, which run off electricity, the power companies can retain about 35 percent of their energy sales: for that reason and for reducing peak load, other jurisdictions actively promote HPs with incentives. <br /> For the record, I spoke with Gilbert Bennett at one of their Holiday Inn PR events,in 2012, and he didn't have a clue about minisplit technology or their ability to heat at low ambient temperatures without resistance heater backup ( yet this on the go for decades). Nor was he interested in knowing about it. So they( Nfld Hydro and Nfld Power) continue to deny its full potential and impact as to the elasticity effect to reduce energy use and peak demand. Their heads are in the sand, and they mislead the public.<br /><br />Winston AdamsAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-47679152164064390052018-02-27T22:08:39.165-03:302018-02-27T22:08:39.165-03:30Sorry Winston, I responded my further down, my bad...Sorry Winston, I responded my further down, my badAnonymoushttps://www.blogger.com/profile/07341048560339265318noreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-84975294867891472422018-02-27T22:07:38.529-03:302018-02-27T22:07:38.529-03:30Winston, you are correct, I was comparing actual p...Winston, you are correct, I was comparing actual production at CF to total potential at MF - so I was comparing apples to oranges. The point of course is that according to wiki, CF produces over 35 million MWh annually. We can quibble about how much that production will be worth in 2041 and of course I have no idea how much it would cost to maintain the Upper Churchill. However, if we assume a price of $50 a MWh that would represent revenue of close to $1.8 billion per year, two thirds of which would accrue to NL. My point is that surely Planet NL can’t simply ignore such a potentially massive cash cow when they forecast future insolvency. Anonymoushttps://www.blogger.com/profile/07341048560339265318noreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-3813277670387778292018-02-27T21:17:39.153-03:302018-02-27T21:17:39.153-03:30Bernard, CF about 5400 MW, MF 824 but very short t...Bernard, CF about 5400 MW, MF 824 but very short term, only 550 delivered to the Avalon on average, so CF closer to 10 times MF, it seems.<br /> But is there risk that Nfld would lose CF asset or part of it, as a result of this boondoggle.<br />WA<br /> Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-6115245527769537432018-02-27T20:46:07.844-03:302018-02-27T20:46:07.844-03:30Would also add you don't talk of your self as ...Would also add you don't talk of your self as one of us , I.e. Not a Newfoundlander, as you refer to us as ".....Newfie suckers as believing in our wretched plight...." At least I talk as being one of the people and proud do do so...as an average Newfoundland Joe...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5235138415013046381.post-30326758130113191732018-02-27T20:23:00.557-03:302018-02-27T20:23:00.557-03:30Guess in someways I agree with you. I have several...Guess in someways I agree with you. I have several times said on this blog, that we as a people are incapable of governing ourselves. We proved it in the early thirties, and about to prove it again, as we are nearing insolvency.Anonymousnoreply@blogger.com