Did Jack Gibbons of the OCAA and Bruce Lourie Hijack the IESO via the Rural Ontario Municipal Association?

The IESO (Independent Electricity System of Ontario) on a weekly basis issue a Thursday afternoon bulletin and the latest came with a five (5) minute video executed by Carla Nell, VP of Corporate Relations.  It referenced the ROMA conference held on January 24th and 25th! Curious I wondered over to the ROMA site to view the agenda and postings related to the conference.  I found no postings and the agenda said nothing about what the video inferred.  I was able to find a January 17. 2022 post about plenary sessions and it specifically mentioned “timely issues such as climate change.“ as part of the upcoming conference. Reading further led to the discovery that: “Dr. Bruce Lourie, a best-selling author and environmental policy expert, will address delegates on Tuesday about mitigating climate risk and transitioning to a net-zero economy.”  Alarm bells rang!

Connecting the above mentioned video by Carla Nell of IESO with Bruce Lourie’s reputed “expert” policies immediately had me wondering; was Lourie’s address to the “delegates” related to the OCAA’s (Gibbons) success in getting approval from those 32 municipalities (including most of the largest ones) that Ontario should shut down all of the gas plants?  Those plants have been invaluable in keeping our lights on during the recent cold spells and 60% of Ontario households with natural gas furnaces warm?                      

Lourie and Gibbons go back a long, long way in their actions related to the energy sector. A hearing at the Legislative Assembly of Ontario in respect to the Power Corporation Amendment Act in 1992, has Gibbons delivering a preamble to his remarks saying: “I am Jack Gibbons, an economist with the Canadian Institute for Environmental Law and Policy, before I joined the Canadian institute, I was a staff member of the Ontario Energy Board. I have with me Mr Bruce Lourie

Back in 1992 Gibbons was in favor of natural gas stating to a question asked of him; Natural gas is so much cheaper than electricity. Look at space heating. If we just look at the financial costs — forget the environmental costs — the incremental cost of electricity for space heating is about six times that of natural gas.“ 

At some point Gibbons reversed his beliefs even though both he and Lourie were at that hearing!

So, was Lourie a substitute for Gibbons at the ROMA conference?  Unfortunately, ROMA’s website doesn’t seem to have posted what Lourie’s address was so we can’t really know what he said but with the “net-zero” mention we should be rightly concerned. The video, mentions several scary aspects including eliminating gas fired power plants mere months after IESO’s study clearly reported: 

Completely phasing out natural gas generation by 2030 would lead to blackouts and the system changes that would be required would increase residential electricity bills by 60 per cent.

Has IESO and the Provincial Government under Ford suddenly conceded control of the electricity sector to the 32 municipalities who bought into Gibbons sales pitch?

We voters need immediate clarification from all parties running in the Provincial election in June as to exactly what their position is in respect to what the video suggests!

We should not let the eco-warriors hijack the energy sector once again!

Ontario Peak Electricity Demand Without Gas Plants

No Problem, Simply Plug in Your EV

Curiosity piqued today about Ontario’s “peak demand” yesterday due to the cold weather!  Reviewing IESO data at hour 18 (ending at 6 PM) indicates the January 24th peak was an average of about 21,260 MW.  While searching data on the IESO website it led to the discovery of a letter Jack Gibbons, CEO and Chairman of OCAA (Ontario Clean Air Alliance) had sent to IESO dated June 17, 2021 pushing their agenda to shut down those gas plants.

The letter was humourous as it displayed the way eco-warriors think.  Here is one message from the letter Gibbons believes will work in the event Quebec has no surplus hydro to sell us and/or the wind is not blowing or the sun isn’t shining during one of those “peak demand” hours or days!

One of Gibbons recommendations to eliminate gas fired generation during peak winter and summer hours was:

We can harness our electric vehicles’ (EVs) batteries to provide power to the grid during peak demand hours. According to Ford, its new F-150 Lightning pick-up truck can provide 9.6 kW of power to the electricity grid. Currently, Ontario has 9 million vehicles. If we have 1 million EVs by 2030, they could provide up to 9,600 MW to our grid during our peak demand hours.

Hmm, wonder how that would have worked at hour 18 yesterday?

At that hour our source of electricity came from: nuclear 10,721 MW, gas 5,866 MW, Hydro 5,143 MW, wind 847 MW solar 1 MW and biomass 62 MW.

At that hour wind and solar were operating at about 16.9% of their capacity which wasn’t enough to even supply Quebec’s needs.

At that hour we were exporting (not importing) 1,381 MW to Quebec because their demand was high.

At that hour OPG’s Pickering Nuclear Plant (scheduled to close in 2025) was generating 2,534 MW.

The OCAA under Gibbons is suggesting we would have no problems because all those “electric” F-150 trucks would be fully charged in -25 C weather.  One hopes when the team at IESO read Gibbon’s letter and the above paragraph they burst out in laughter. 

One should wonder if Gibbons bothered to actually do some research as he would have discovered; “As of October 2021, there are 66,757 EVs registered in Ontario” Gibbons should perhaps set up a Ford dealership and get busy selling 933,000 (at a minimum) of those trucks.  He should perhaps also consider the fact not everyone can afford the $58,000 cost and the 370 km limited range which will be considerably less on one of those -25 C days in our Canadian winters! Gibbons and the “charity” he runs apparently want to see Ontarians freeze in the dark as blackouts arrive when those damn batteries don’t deliver those “KW of power” he promised!

ESG is Fully Endorsed by Public Sector Pension Plans

The Beatles song “Revolution” lyrics should be required reading for all the “woke” generation pushing the “net-zero” concept. When discovering something recently it brought to mind the words of that classic!  Pre-chorus 3 even had the following words: “But if you go carrying pictures of Chairman Mao You ain’t going to make it with anyone anyhow“!  

The ESG Revolution

We often discover, after it happens and behind the scenes; bureaucrats (federal, provincial and municipal) support politicians advocating for what they perceive as beneficial to them and do so, without regard for taxpayers obligated to pay the price for their indulgence.

Such was the case when unbeknown to most of us taxpayers those bureaucrats got together via eight publicly supported pension plans  (PPP) and in a press release dated November 25, 2020 united for a cause advocated by the Federal Liberal Party. The cause was their undated agreement to push for ESG (environmental, social and governance) factors when investing our taxpayer dollars (federal and provincial) in any future investments for the benefit of their member’s pensions.

What the foregoing meant was; those “PPP” agreed to impose ESG standards on publicly traded and private companies.  The impact would be on those companies ability to attract PPP as either shareholders or lenders for debt raising via bond issues, etc.  Those public sector pension plans at the time of the signing of the agreement held $1.6 trillion in assets which was close to what Canada’s GDP (gross domestic product) was in 2020 at US $1.57 trillion. A reflection on the power they hold over us lowly taxpayers!  The agreement is not only undated and mind boggling but also not in tune with most taxpayers as to how they should allocate our tax dollars that created their $1.6 trillion value.

The full text of the short but “undated” and compelling agreement follows:

Companies and investors must put sustainability and inclusive growth at the centre of economic recovery

COVID-19 continues to impose a huge toll on our daily lives, impacting families, businesses, public institutions and civil society worldwide. The pandemic and other tragic events of 2020 have revealed pre-existing business strengths and shortcomings with respect to social inequity, including systemic racism and environmental threats.

It is imperative we rebuild our economies in ways that create greater systemic resiliency and inclusive growth. The time to act is now, and each of us has a role to play. We call on companies and investment partners to help drive lasting change by placing sustainability at the centre of their planning, operations and reporting.

As CEOs of Canada’s eight largest pension plan investment managers, representing $1.6 trillion in assets under management, we are committed to creating more sustainable and inclusive growth by integrating environmental, social and governance (ESG) factors into our strategies and investment decisions. It is not only the right thing to do, it is an integral part of our duty to contributors and beneficiaries. Doing this will unlock opportunities and mitigate risks, supporting our mandates to deliver long-term risk-adjusted returns.

To deliver on our mandates, we require increased transparency from companies. How companies identify and address issues such as diversity and inclusion, human capital, board effectiveness and climate change can significantly contribute to value creation or erosion. Companies have an obligation to disclose their material business risks and opportunities to financial markets and should provide financially relevant, comparable and decision-useful information. While we recognize companies face a myriad of disclosure frameworks and requests, it is vital that they report relevant ESG data in a standardized way.

We ask that companies measure and disclose their performance on material, industry-relevant ESG factors by leveraging the Sustainability Accounting Standards Board (SASB) standards and the Task Force on Climate-related Financial Disclosures (TCFD) framework to further standardize ESG-related reporting. While the SASB standards focus broadly on industry-relevant sustainability reporting, the TCFD framework calls for climate-specific disclosures across several reporting pillars (governance, strategy, risk, and metrics and targets). Both are useful to investors and informative to companies working to frame their ESG reporting.

We are confident the ability to successfully address and adapt to these 21st-century business risks and opportunities is a distinguishing feature of great companies. While for many this will require greater ambition than in the past, we believe companies demonstrating ESG-astute practices and disclosure will outperform over the long-term.

For our part, we continue to strengthen our own ESG disclosure and integration practices, and allocate capital to investments best placed to deliver long-term sustainable value creation.

Inspired by this historic opportunity to help confront the most urgent challenges facing our global community, we ask others committed to our vision to join us on this journey towards a more sustainable future.“   

The eight CEOs who signed the agreement represented the following public pension plans:

Alberta Investment Management Corporation, British Columbia Investment Management Corporation, Caisse de dépôt et placement du Québec, Canada Pension Plan Investment Board, Healthcare of Ontario Pension Plan, Ontario Municipal Employees Retirement System, Ontario Teachers Pension Plan and the Public Sector Pension Investment Board!

The reference to SASB and TCFD in the agreement suggests these two UN inspired creations from a 2004 letter sent by Secretary General Koffi Annan to 50 CEOs of major financial institutions have completely revised the way we have been measuring financial performance over the centuries. It suggests 2 + 2 no longer equals 4!  To pretend companies will become “great” by adopting ESG factors flies in the face of all logic. The “E” (environmental) in ESG is what the Mark Carney, Michael Bloomberg political fans and eco-warriors have focused on and if the punishment of the middle and lower classes continues under their direction and the politicians they have influenced, we should expect:

As the Beatles opined “You say you want a revolution”!

NB: The Washington based “Institute for Pension Fund Integrity” in a report concluded: “Although there are over $20 trillion in ESG assets under management, it lacks a standardized definition under which all firms can unite and under which regulators can address legitimate concerns.“  

The OCAA is Seeking Future Blackouts for Quebec in the Winter

The Ontario Clean Air Alliance (OCAA) under Jack Gibbons was busy throughout 2021 making the rounds of various cities and municipalities throughout Ontario convincing them they should tell the Ford government to close all the natural gas plants in the province.  A total of 32 cities and municipalities joined hands with Gibbons thanks to inept (the only descriptive that made sense) councils and told the government of Ontario to shut those gas plants.  Gibbons somehow convinced them Quebec has a huge surplus of hydro generation that will easily replace those gas plants when our power demand needs them.  Apparently, none of those councils bothered to investigate Gibbons claim.

Gibbons bio indicates he is an “economist” and reportedly “studied economics at the University of Toronto (B.A.), Queen’s University (M.A.) and the University of British Columbia“!  We should have serious doubts about his claim based on the rhetoric associated with his push to close the gas plants. Gibbons comes across like a pitchman selling snake oil in the 18th and early 19th centuries.

If any of the mayors or council members bothered to do even a little research they would have discovered Quebec’s peak demand occurs in the winter.  Hydro Quebec encourage their ratepayers to use less power during the December to March period as 61% of households use electricity to heat their homes versus only about 17% in Ontario.

If the Ford led government in Ontario responded to the OCAA desires the results would have a negative effect on households in both provinces but in particular Quebec due to their peak winter demand*. 

A recent four (4) days of cold winter weather in both Ontario and Quebec dispel the “Gibbons/OCAA” notion!  Ontario was called on to provide considerable power to Quebec over those four days and without the availability of our natural gas plants (most of which were built to back up intermittent and unreliable wind and solar generation) our ability to provide that power would have been close to NIL as our Ontario demand was also relatively high.

Over the four days commencing January 13th through to January 16th we exported just over 106,000 MWh (megawatt hours) to Quebec for an average of 1,104 MW/hour and the peak day was the 16th with an average of 1,410 MW/hour.  Over those four days Ontario’s gas plants generated just over 395,000 MW so we were able to provide our neighbours with what they needed (27% of our gas plant generation) to keep those electric furnaces and baseboard heaters operating so they would avoid blackouts and freezing households.  We provided those 106,000 MW at an average cost of less than 5 cents/kWh based on the HOEP prices over those four days so their cost didn’t drive up Hydro Quebec’s energy prices whereas Ontario’s ratepayers lost money on every kWh exported.

Carbon Credits please

Perhaps Hydro Quebec should either provide Ontario with “carbon credits” or pay the Federal “carbon tax” for the power supplied, allowing us to recover some of the costs for that natural gas generated power to keep them warm. Unfortunately, Ontarians should doubt that will ever happen!

* In Québec, peak periods occur during winter because so many of us heat our homes with electricity.

Wind Turbine Collapse in New Brunswick will create “Green Jobs”

Just over a year ago our PM, Justin Trudeau was caught talking about a “reset” during a UN virtual conference stating: “This pandemic has provided an opportunity for a reset,“ and went on to say; “ This is our chance to accelerate our pre-pandemic efforts to reimagine economic systems that actually address global challenges like extreme poverty, inequality and climate change.” Trudeau was pilloried by Conservative MP Pierre Poilievre for the remark as it seemingly connected with; “The Great Reset” propagated by the WEF (World Economic Forum) where the rich elites of the world gather annually to plot the global transition to a “great reset” with “climate change” as their main focus!

The calls from the WEF and others pushing the “net-zero” transition have overcome the Federal Liberal Party and they have proffered different titles such as “Building Back Better” the “Just Transition” etc. and in all those scenarios they claim; executing them will create a million jobs! 

Needless to say, those calls, now spanning six years, are failing to create those jobs but continued support of the concept by the MSM (main stream media) has convinced many citizens and corporations to jump on board. The latter have done this by doing what they believe they can to reduce their emissions (based on what they are told) by transitioning their business in different ways in order to, presumably, avoid the increasing “carbon taxes” they would face. 

One such company is Alberta based, TransAlta Corporation via their 60.09% ownership in TransAlta Renewables (as of December 31, 2020) and the Federal Regulations imposing “coal-to-gas” regulations sped up by Catherine McKenna, when Minister of the Environment and Climate Change.  TransAlta, as of December 31, 2021 reported they had completed the latter task well ahead of the 2030 deadline.  TransAlta is pushing hard to achieve the “net zero” pinnacle and based on their annual 2020 ESG report their “greenhouse gas emissions are now down to just over 16 tonnes from 42 million tonnes in 2005.

Those green jobs are shrinking

The other thing that’s fallen as well as emissions, is the number of people TransAlta employ. The oldest annual report posted on their website is for 2017 and at that time they reported having 2,341 employees in 2016 but their 2020 annual report indicates employment fell to 1,476 at December 31, 2020, a drop of 865 jobs or almost 37%!  Gross revenues also fell from $2,397 million in 2016 to $2,101 million in 2020 for a drop of $296 million or 12.3%.

The foregoing push by TransAlta to reduce emissions appears to be having the opposite effect Trudeau promised us in his “build back better” speeches as both revenue and staff levels fell!   

TransAlta’s majority-controlled subsidiary; “TransAlta Renewables” near the end of 2021 got some bad news too, as an industrial wind turbine at their Kent Hills 167 MW (megawatt) IWT (industrial wind turbines) complex in New Brunswick collapsed. An investigation determined all 50 of the 3 MW turbines bases would need to be replaced whereas the remaining five (5) were OK! The estimated cost to replace the bases could be as high as $100 million and take until the end of 2023.  They estimate their revenue base will decline $3.4 million per month until the turbines are back up and running.

Here come those “green jobs”

One assumes the $75 to $100 million estimate to replace the bases will require lots of cement (close to 2,000 tons per turbine) and rebar and a crew plus equipment to first disassemble the 50 turbines and later to reassemble them.  It’s unclear as to whether they will remove the cement from the flawed bases but if they do it will require a crew plus equipment and quite a bit of dynamite.

All of the foregoing activities will play a hand in creating jobs over the two years of the rebuild but will, no doubt, create emissions.

When the workers have completed the reassembly, it will be seen as a perfect opportunity for Prime Minister Trudeau and his Minister of the Environment and Climate Change, Steven Guilbeault, to have a media appearance to tell us how the great “reset” is proceeding and the myriad of jobs* it created!

Any questions about the full carbon footprint of those rebuilt IWT and the jobs temporarily created at the media event will be tossed aside as will the intermittent and unreliable nature of wind generation which always requires dependable power (frequently fossil fueled) to back it up. Trudeau and his “climate change” Minister, Guilbeault, will insist the “transition to net-zero” and “building back better” is working to the benefit of all Canadians!

Canada’s taxpayers need to initiate a “political reset” and dump those Liberal politicians who seem intent on creating Venezuela north!  We voters in Ontario did it by recreating the Ontario Liberal Party as the “minivan party” so the time has come to do it again at the next election!

*Ontarians will remember the same promises from the McGuinty/Wynne Liberal years!

 

Marc Patrone Show, Sauga 960 AM, Billionaires, Wind Costs and Israel’s Covid-19 Issues

Marc Patrone once again had me as a guest on his show and we covered the captioned topics. It’s always fun speaking with Marc and talking about the current issues of the day.

You can listen to the January 13. 2022 podcast starting at 1:22:35 here:

IWT for Three of 24 Hours didn’t cost Ontario’s Ratepayers

Alerted to a tweet of Scott Luft which stated (referencing January 11,2022); “noticed yesterday’s Ontario Demand high of 21,250MW. Checking I find that’s 2nd highest daily winter peak since 2015“ was intriguing.

Sure enough, when looking at Ontario Demand data at Hour 18, peak demand for the day, at interval 10 of that hour hit 21,522.9 MW (megawatts) and averaged 21,250MW for the full hour!

Looking further at IESO data one notes wind at that hour was operating at 84.6% of capacity and generated 4,024 MWh or 18.7% of that hour’s demand. We also exported 3,436 MWh to our neighbours during that hour!

With curiosity further piqued a look at the HOEP (hourly Ontario energy price) disclosed surplus generation traded at $44.58/MWh at Hour 18, so considerably less than what we were paying for wind power at $135/MWh guaranteed* whenever it’s generated.

While viewing the HOEP data however one notes prices at hours 9, 10 and 11 were respectively $151.60, $230.87 and $160.14 per MW or an average of $180.87/MW.  IWT generation over those three hours averaged only 891 MW (18.4% of capacity) so if one suggests they were all exported for those three hours we actually sold them for more than we paid! Hourly demand over those three hours was over 20,000 MW and thankfully Ontario’s gas plants were at the ready and generated an average of 5,718 MW providing the power needed to keep the lights on and avoid blackouts.

Yahoo, for three hours we ratepayers actually got back $22,700 more than we paid for IWT generation but too bad it wasn’t the full 24 hours as its much cheaper when the wind isn’t blowing!

*Guaranteed “first to the grid” rights.

Ontarians Paid Up Big for Wind Generation while Swedes Paid Up Big for Less Wind Generation

Transmission connected IWT (industrial wind turbines) were busy throughout the province on Sunday, January 9, 2022 and generated 83,086 MWh (megawatt hours) and also had another 9,000 MWh curtailed as there wasn’t enough demand.  What the foregoing means is IWT could have operated at a level of 80.2% of their capacity versus their average generation over a full year of about 30%.

Before completing the foregoing calculation, I had read a short article from December 20, 2021 about Sweden’s recent experience which claimed their electricity prices had soared to an all time high.  The article started with what was obviously the cause stating: “Less wind power than normal, as well as the cost of gas and electricity being on an upward curve in Europe this winter, has had a knock-on effect”.  The article went on; “On Tuesday, the average daily spot price of electricity south of Mälardalen (the region around Stockholm) is set to hit 4.25 kronor ($0.46) per kilowatt hour.” Doing the calculation in Canadian dollars brings the cost to almost $0.59 cents/kWh! That suggests without natural gas plants and the fuel itself available to back up IWT the price of electricity will soar above almost everyone’s ability to pay for it. This results in “energy poverty” increasing in most European countries.

We have seen the same outcome in Ontario although not to the same extent and we should be thankful for our relatively cheap electricity generated by our natural gas plants for the many times our IWT fail!

January 9, 2022 wasn’t one of the times IWT were absent in Ontario as noted in the opening paragraph.  The wind was blowing briskly throughout the province meaning we wound up having to export 61,089 MW to our Michigan, New York and Quebec neighbours.  Presumably they were happy to take it as the average sale price over those 24 hours was $8.82/MWh or less than one cent a kWh (kilowatt hour) meaning we were paid a grand total of $538,800 for those MWh.

To put the foregoing into context the 83,086 MWh were more than sufficient to have supplied the exported MWs and we Ontario ratepayers and taxpayers were forced to pay the contracted price of $135/MWh meaning the cost was $11,216,600.  Adding the approximate 9,000 MWh curtailed at a cost of $120/MWh ($1,080,000) brings the full cost of wind generation to about $12,296,600.  If we rightly assume all of the surplus generation exported at those cheap prices was IWT generation it means the net cost of wind generation was $11,757,800 ($12,296,600 minus $538,800 = $11,757,800).  If we logically deduct the MWh exported (61,089 MWh) from IWT full generation of 83,086 MWh the IWT generation utilized by Ontarians was only 21,997 MWh. 

At a total cost to Ontarians of $11,757,800 those 21,997 MWh providing power to Ontario’s businesses and households cost $534.51/MWh ($11.757,800/21,997MW = $534.51/MWh) or 53.4 cents/kWh. The 53.4 cents/kWh it cost Ontarians is very close to what many Swedish businesses and households are now paying for “Less wind power”. 

Conclusion                        

Industrial Wind Turbines cost the Swedes and many other Europeans a lot of money when they don’t produce power and cost Ontarians a lot of money when they produce too much power. In other words, IWT are detrimental to our economic well-being due to their intermittent and unreliable behaviour!  

Scrap them all!

Multi-billionaires and their Mind-blowing Hypocrisy

It is somewhat amusing and disheartening to realize the super-rich such as; Bill Gates, Jeff Bezos and Larry Fink frequently preach to us earthlings about “climate change” and the path to net-zero.  They do this as they fly off in private jets to Davros to attend the WEF (World Economic Forum) annual event or to Glasgow for COP26 thereby creating tons of emissions.

Both Gates and Bezos however, tell those who ask, that they buy “carbon offsets” to eliminate their carbon footprint.  Gates reported he spends US$5 million annually on those offsets.  To put that in perspective Gates is reputedly worth $137 billion so $5 million represents 0.000036% of his net worth or to us in the real world, the purchasing of a “timmies” coffee for a friend!

Bezos (until very recently the richest man in the world) reputedly also buys those carbon offsets but hasn’t disclosed how much he spends annually.  Bezos did announce in February 2020 he would launch a US $10 billion fund (slightly less than 5% of his reported net worth) titled the “Bezos Earth Fund“ to fight “climate change”.  Pretty sure Bezos is totally delighted with the lock-downs imposed on much of the developed world due to the Covid-19 pandemic. Amazon; which he founded, has benefited tremendously as they import goods from developing countries like China, India, etc. and deliver them to your front door by truck.  Now try, as hard as you possibly can to determine how Amazon can become “carbon neutral” by 2040.  Oh, yes, Bezos has pledgedto get the company carbon-neutral by 2040, 100% renewable energy by 2030, and 100,000 electric delivery vehicles by 2030.“ 

Now if you want to watch how Larry Fink and Bill Gates speak with each other on the “Path to Net Zero” they jointly participated in a short YouTube video posted April 23, 2021.  Fink opens by saying “this will not be an easy task” and goes on to state “every hydro-carbon company in the United States is now focused on this” and suggests “it’s because of Bill and other people”!  Fink’s reputed net worth is somewhere around US$1 billion so it pales when compared to Gates or Bezos. As the CEO of BlackRock, the world’s largest asset management company with almost US $9.5 trillion (approximately 11% of Global GDP) of assets, however, Fink is a huge influence on that “Path”!  Fink annually sends a letter to the world’s 200 largest company’s CEOs and his last one (issued in early 2021) had much to say about “climate change” including this unambiguous sentence: “No issue ranks higher than climate change on our clients’ lists of priorities.“  His letter goes on saying;  “From January through November 2020, investors in mutual funds and ETFs invested $288 billion globally in sustainable assets, a 96% increase over the whole of 2019.“  This years letter will be interesting to see how those assets performed in light of the energy crisis in European and Asian countries which affected share prices of renewable energy companies in a negative fashion as the wind stopped blowing and Russia was unable to deliver fossil fuels during their absence. 

Based on more recent news it appears Fink may have had an awakening as an article from just over a month ago quoted him saying: it’s a “bad answerfor investors to abandon oil and gas, and it won’t help solve climate change.“ As if to support the latter view from Fink and to contradict his above noted chat with Gates and the “path to net-zero” it’s interesting to discover a BlackRock-led group recently won a $15.5 billion bid for a Saudi gas pipeline.  One should assume a gas pipeline will indeed by used to transport “fossil fuels” which intimates BlackRock and Fink understand the importance of fossil fuels to many of the companies they have investments in!

Could Fink’s somewhat mild “about-face” trigger politicians to also understand the importance of fossil fuels in a world dependent on them for 80% of our energy needs.  Let’s all hope so in an effort to end the hypocrisy that seems intent on driving people around the world into energy poverty except for those who can afford to purchase those “carbon offsets”.

Wind Hammers Ontario Ratepayers and Taxpayers

Yesterday (January 5, 2022) Ontarians were once again battered by gusting winds approaching 90 km at times and those with ownership of industrial wind turbines (IWT) in the province were loving it!  Our neighbours in Michigan, New York and Quebec, etc. also were pleased as they collectively took 59,242 MWh (megawatt hours)) of the 90,146 MWh generated by those IWT and only had to pay an average of $17.33/MWh (1.7 cents/kWh).

The 90,146 MWh ($135/MWh) added to the 7,800 MWh ($120/MWh) of curtailed wind generation drove the total cost of wind generation for the day to $13,106,000 or $145.39/MWh (14.5 cents/kWh).

Those IWT generated an average of just over 85% of their rated capacity throughout the day (including the curtailed MW) and 58% of their generation was exported for those very cheap prices.  I’m confident the trading companies buying and selling our surplus generation for our neighbours also enjoy the benefits we bestow on them too by creating the trading revenue.  

So, we generated approximately $1,027,000 from the sale of those 59,242 MWh but they cost us Ontario ratepayers and taxpayers about $8,613,000. That means we subsidized the sale with $7,586,000 or $128.00/MWh of our after-tax dollars!  We hope our neighbouring states and provinces are very appreciative of our continuing generosity!

We Ontario taxpayers and ratepayers should appreciate the very recent “mea culpa” expressed by our former Premier, Kathleen Wynne, in her interview with MacLean’s magazine when asked about issues she didn’t feel good about stated: “Well, I score myself very low on the electricity price,” Wynne said.“

Hey, Kathleen, we ratepayers and taxpayers score you and your predecessor, Dalton McGuinty and those minions like Gerald Butts, Katie Telford and Ben Chin who pulled your strings very low too. Perhaps your handling of the electricity file is why the Ontario Liberal Party became the EV (electric vehicle) minivan party. 

The unfortunate part of your party’s demise is Butts, Telford and Chin now pull the strings of the Liberal Party of Canada and seem intent on perpetuating your low scores on all of Canada’s energy security!