MUSKRAT: THE BIGGEST GAMBLE OF ALL

Guest Post by David Vardy

Recent disclosures at the Muskrat Falls Inquiry confirm that the project is on track to become a financial tsunami. Former Finance Minister Cathy Bennett told the Muskrat Falls Inquiry that the Department of Finance was marginalized in the decision-making process. This was confirmed by former Deputy Minister Donna Brewer when she was on the stand this week. Yet the provincial government played a pivotal role in the financing of Muskrat Falls. In fact this pivotal initiative was the biggest gamble ever taken by this province.

MUSKRAT FALLS: THE PUBLIC RIGHT TO DECIDE (PART I)

Guest Post written by David Vardy

Introduction

Many people are in shock as the drama surrounding Muskrat Falls continues to escalate, along with the rising costs and increased exposure to risk. People are greatly alarmed about the impact on our power rates and on the future cost of living in the province, particularly for those on low and fixed incomes. We embarked on this project without knowing what it would cost and without exploring the alternatives. Much of what could go wrong has done so. All of the risks surrounding the project were pointed out by citizens who were ignored by the previous government.

We need to change our course to reflect the escalating risk to our ability to sustain a standard of living comparable with that of other Canadians. To make this change we need to find out where we are now. Stan Marshall said last week that there will be no report on the project cost until next June, indicating that there is great doubt about our current position. Yet we continue blindly to toss more and more money into this money pit.

VARDY/PENNEY APPALLED BY NALCOR BRIEFING NOTE ON MUSKRAT FALLS PROJECT

Guest Post by David Vardy and Ron Penney

Commentary on Briefing Note to the Minister of Natural Resources from Nalcor Energy on suspending or significantly delaying the Muskrat Falls Project

We were appalled with the briefing note released May 12, 2016 by the CBC on the option to suspend or delay the Muskrat Falls project, based on an ATIPPA request. While the note was highly redacted we have to say it was most unbalanced, inaccurate and unprofessional.

Here are our responses to the specious arguments made by Nalcor:

OUR FISCAL FUTURE: DAVID VARDY'S IDEAS FOR CHANGE

Readers of this Blog will recognize the name David Vardy as an occasional contributor. Others know him as one of the earliest critics of the Muskrat Falls project, having outlined his concerns in a Paper prepared for Action Canada, entitled Making Best Use of the Lower Churchill: The Muskrat Falls Development. But most people will know Vardy as an economist who served at the senior level of the public service for almost 30 years including as Clerk of the Executive Council (Secretary to the Cabinet), President of the Marine Institute, Deputy Minister of Fisheries, and Chair of the Public Utilities Board. In addition to several medals and awards, David Vardy is also the recipient of an Honorary Doctorate from Memorial University.

In modern parlance, Vardy is a policy wonk.