Back on April 14, 2021 shortly after the Federal CIB (Canada Infrastructure Bank) issued a press release titled: “The CIB And Private Sector Partners To Invest $1.7 Billion in Lake Erie Connector” it inspired an article titled: The Canadian Version of “Dumb & Dumber”. At that time the CIB was under the control of Catherine McKenna, then Minister of Infrastructure and Communities and they committed to provide “$655 million of our tax dollars to build a 117 kilometre underwater transmission line connecting Ontario with the PJM Interconnection” under Lake Erie.
The April 14, 2021 article went on to explain why the concept was a waste of tax dollars and the reasons why the politicians were labelled with those “dumb and dumber” descriptives!
Well, it now appears the bureaucrats responsible for reviewing the concept within the Ontario electricity sector have pointed out the fallacies of the plan which has resulted in ITC, a Michigan based company (subsidiary of Fortis Inc.) who were partnering with CIB to abandon the $1.7 billion Lake Erie connector project.
Fortis Inc. recently released* their second quarter 2022 results and buried in the results was the following statement:
“In late July 2022, ITC suspended development activities and commercial negotiations relating to the $1.7 billion Lake Erie Connector project. ITC has determined that there is no viable path to conclude certain key commercial negotiations and other requirements within the required timelines, in part due to recent macroeconomic conditions, including rising inflation, interest rates, and fluctuations in the U.S.-to-Canadian foreign exchange rate. This project has never been included in the Corporation’s five-year Capital Plan.”
The suspension of the Lake Erie Connector project should be seen as a positive for Ontario and Canadian taxpayers as well as Ontario’s ratepayers as it was an implausible concept from the start.
Let’s hope this is the beginning of a more prevalent occurrence by our bureaucrats to stop the bleeding of Ontario’s clean electricity system in the push to achieve “net-zero” denying inane politicians their pandering of the eco-warriors!
Let “common sense” prevail!
*Thanks to Scott Luft of Cold Air for his tweet of the Fortis statement from their 2nd Quarter report.