No Peaking Without Gas

As summer in Ontario finally arrived temperatures rose over the past few days and resulted in IESO reporting, so far in 2021, hour 18 of June 28, 2021 is the #1 peak hour with demand reaching 22,258 MW (megawatts).  While that is the highest demand hour so far in 2021 it is by no means the highest peak over the past three years with September 5, 2018 at hour 18 reaching 23,240 MW.

Nuclear was operating at close to 100% capacity at hour 18 generating just over 47% of peak demand and hydro 22% of demand and operating at almost 69% of capacity. Our gas plants thankfully were at the ready generating slightly more than 26.5% of our peak demand and operating at 63% of their capacity.

The remaining generation capacity consisting of wind (4,500 MW), solar (438 MW) and biomass (238 MW) managed to only produce 13.9% of their capacity (just over 3% of demand) or a miserly 716 MW during the peak hour. In other words, they weren’t performing when we actually needed them!  As a result, IESO imported power from Michigan and New York when prices hit their peak for the day of $232.79/MWh.  Those two states regularly buy Ontario’s surplus power and in 2020, on average, they purchased it for $13.90/MWH.  Interestingly according to the US IEA; “Natural gas accounted for 33% of the state’s (Michigan) net generation, while coal’s share declined to 27%.” What that means is we were importing fossil fuel generation.  That should upset the eco-warriors and the Federal Liberals under Trudeau who want to eliminate all usage of fossil fuels and reach net-zero emissions by 2050 or perhaps they think the pain should only be inflicted on Canadians?

Looking to the future one wonders what will happen should Ontario see those 27 municipalities; (who have signed on to the Ontario Clean Air Alliance’s [OCAA] push for all gas plants to be shut down) get what they asked for.  Where is the peaking power going to come from as it won’t come from intermittent and unreliable sources like wind and solar?  Perhaps all the Ontario EV drivers will agree to provide all the power that gas generation previously did as envisaged by the OCAA.  We can anticipate those same EV car owners will be told, as they were very recently in California, when they can’t charge their batteries or we will experience brownouts and/or blackouts.  

Also, what happens if a peak demand day comes on a cold winter day in January (one did on January 21, 2019) after the 67% of homes currently using natural gas as a heating source are forced to convert to electric heat?  Where will that additional electricity generation come from as EV lose a large percentage of their power in cold weather?

From all perspectives it seems the eco-warriors and our Federal government aim to punish all low and middle-income households in the province in their efforts to deliver on their religious beliefs.

Mankind cannot control the sun or Mother Nature so why is it so difficult for them to understand!

Clean Energy is in the eye of the Beholder

It was interesting to note two articles appearing on the same day (June 23, 2021) had wildly conflicting information on the benefits and harm of eliminating fossil fuels in the electricity generating sector.  The article in the Financial Post was headlined: “Canada’s clean energy push to create more than 200,000 jobs by 2030: reportand cited a new dispatch from Clean Energy Canada (CEC) of Simon Fraser University (SFU) and Navius Research, an outgrowth of SFU and Professor Mark Jaccard. Professor Jaccard is full blown in his belief the world is doomed unless we achieve “net-zero” emissions and was cited in a CBC article stating: “Fossil fuels are wonderful except for destroying the planet“. 

It is fascinating the eco-warriors, in the CEC report, use data on a continuing basis that is impossible to verify. As an example, the CEC report suggests “Canada’s clean energy sector already employs 430,500 people—more than the entire real estate sector—and by 2030, that number is projected to grow almost 50% to 639,200 under the federal government’s new climate plan.” The foregoing 430,500 (already employed) appears to be a number picked out of a hat as the Ivey Business School at the University of Western Ontario back in December 2020 issued a “policy brief” and in it noted; “electric power, generation power and transmission” employed 104,315 people in 2019. So, one should ask, where are those 430,500 people, actually employed?  One example the CEC report suggests is; “Jobs in electric vehicle technology are on track to grow 39% per year, with 184,000 people set to be employed in the industry in 2030—a 26-fold increase over 2020.”

According to Unifor as of August 2020 current employment in the Canadian automotive industry is “129,000 people in Canada, in vehicle assembly (44,000) as well as body and trailer (13,000) and parts manufacturing (72,000). Factoring in various other auto-dependent jobs and workplaces, some estimates peg the overall number of direct jobs at over 188,000”! Apparently, according to CEC and Navius, it is a foregone conclusion 184,000 jobs in 2030 somehow translates to a 26-fold increase over 188,000 in 2020 instead of a loss of 4,000 jobs! The foregoing should remind all Ontario ratepayers how, when former Ontario Energy Minister, George Smitherman, responded to a question in the Ontario legislature as to how the Green Energy Act would create 50,000 jobs said; “Across the landscape of these investments, we feel quite confident that 50,000 jobs will be created.” As we Ontarians know those jobs never materialized but electricity rates inceased well over 100%!

The second article on June 23rd in the National Post was titled: ‘Solar trash tsunami’: How solar power is driving a looming environmental crisis.   The article spelled out; the problem with solar panels as it turns out, is significant!  The article notes: “Put simply, we can expect a lot more solar panel waste within the next decade than we are prepared for,” wrote a team led by Calgary-based supply chain researcher Serasu Duran in a pre-publication paper.” The study tried to estimate the tonnage of solar panels set to hit landfills and warned if the solar industry doesn’t get a handle on its trash problem, “we may soon face the dark side of renewable energy.” IREA (The International Renewable Energy Agency) in 2016, noted by 2050 the world would need to deal with up to 78 million tonnes of solar panel trash. In order to wrap your mind around that; consider the City of Toronto manages more than 786,000 tonnes of residential waste each year (1% of what IREA estimate solar panel waste will be) and in 2020 diverted 413,673 tonnes of residential waste from landfill through several programs. Solar panels are not part of that diversion!

The report from Duran suggests IREA’s number is a vast underestimate because it assumed the world’s existing solar panels would remain bolted to roofs for 30 years but they estimate millions of people will replace those panels to install cheaper and more efficient ones. The report suggests by 2030 solar waste could be 50 times higher then IREA’s estimate which would equate to about 39 million tonnes.

Perhaps what the CEC report suggests is the 200,000 jobs “clean energy” will reputedly create by 2030 may be related to recycling solar panels.  Perhaps some of those jobs will also be involved in grinding up IWT (industrial wind turbines) blades that are each 120 feet or longer so the fiberglass, etc. can be mixed with cement rather than being dumped in landfills as they are currently. 

The report by Duran, et al, in a recent review of their research for the Harvard Business Review suggests “the solar industry could be generating 2.5 tonnes of waste for every tonne of solar panel it installs”.

The foregoing may require CEC and Navius Research to revise their report as more jobs will be needed to recycle that increased solar panel trash and grind up those wind turbine blades!

Now we know the real value of what the eco-warriors claim is “clean energy”!

California power grid teeters as EV demand strains supply

I was a guest this morning on 960 AM SAUGA radio on the Marc Patrone show. We talked about California and the problems they are experiencing due to a heat wave which has caused the ISO (Independent System Operator) to issue warnings about potential brownouts and asked people to avoid charging their EVs during certain hours.

We also discussed solar panel trash, the promise of hundreds of thousands of jobs if we tackle climate change according to a report out of Simon Fraser University and what the carbon tax is doing to our Cost of Living in Canada.

You can listen to the podcast here starting at 1:08:48.

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Who gets the carbon credits for recycling wind turbine blades and other burning questions?

As a climate change “realist” this past week has been what I would term, over the top. It seemed there is total confusion about what we should do and what we should avoid to push for net-zero emissions and move to the “circular economy”.  Some examples:

Industrial Wind Turbines are not yet part of the Circular Economy          

Cement giant LafargeHolcim and GE’s renewables wind turbine unit are teaming up and the purpose is “to explore the recycling of wind turbine blades.” The main objective of the partnership is to focus on “circular economy solutions”.  The same article notes one of the largest companies producing IWTs, Vestas, in early 2020 said it was aiming to produce a “zero-waste turbine” by 2040.  If one gives some thought to the Lafarge/GE team you conclude recycling fiberglass, etc. blades should result in the handing out of “carbon credits”! Both of those team members would presumably want them as they both are facing rising costs associated with “democratic” governments punishing them with a carbon-tax due to their emissions. The proponents of renewable energy from wind turbines must now be wringing their hands in confusion as they had pushed the concept that energy produced from them was emissions free but refused to admit their manufacturing generated emissions and that the blades were not recyclable.  It should also be noted that cement if it was a country would reputedly “rank fourth in the world as a climate polluter.”  IWT, based on many research papers could, “warm the surface temperature of the continental U.S. by 0.24 degrees Celsius, with the largest changes occurring at night when surface temperatures increased by up to 1.5 degrees.”  So, will those carbon credits be shared or will they both be rewarded with the carbon tax we consumers are paying now and in the future?

Swiss CO2 law defeated at the ballot box means no carbon tax for the Swiss  

The Swiss held a vote on a CO2 law, based on the “polluter pays” principle,”. It targeted “road vehicles, air traffic, industrial emissions, and the renovation of buildings. Those who cut their CO2 emissions would have benefited from exemptions.” Presumably those who didn’t “cut emissions” would pay an emission tax. Switzerland’s government now has a problem as they have committed to the EU they would cut their emissions. 

It was interesting to note “Urban cantons including Basel, Zurich and Geneva voted in favour of the bill.  But 21 of the 26 Swiss cantons struck it down.”  One should suspect had Canadians voted on the recent move by the Trudeau led government to impose the increase to $170/tonne on emissions the outcome may well have turned out similar. Most large urban community voters seem to fail to realize the outcome will drive the cost of living up as the “carbon tax” climbs whereas the rural communities have a much better understanding of basic economics!

Interestingly the nay side “argued that Switzerland will not make a critical difference to global climate efforts since the real game-changers are China and the United States when it comes to reducing CO2 emissions” which many sane Canadian voters also understand.

So, the question is; when will Canadian voters be given the opportunity to vote yay or nay to the carbon tax?

Meteorologist Says Snow in June In Line With Historical Snowfall on Avalon                                          

The forgoing story about snow in Avalon, Newfoundland June 10, 2021 caught my eye due to having recently watched a video with Natural Resources Minister, Seamus O’Regan doing the introductory speech in a video at the launch of the Ottawa Climate Action Fund (OCAF).  As an aside, OCAF is proposing to spend $57.4 billion tax dollars to make the City of Ottawa achieve “net-zero” emissions by 2050. In the opening welcome from O’Regan he opined about last winter stating, “average temperatures of 10 degrees higher than normal in the height of winter” in parts of Labrador suggesting it was caused by climate change. What he failed to say was average winter temperatures in Newfoundland and Labrador can swing widely by as much as 30 degrees so 10 degrees hardly seems unusual. Nevertheless If you’re pushing the “net-zero” theory to justify handing out tax dollars to groups like OCAF you may only want to present information that is one-sided.

The question someone in the media should ask O’Regan is; do you think snow in June is caused by “climate change”?

Centre Block renovation to take until at least 2030 to complete, cost up to $5Billion                     

Another article that caught my eye was once again all about Ottawa and referenced how the renovation associated with the Peace Tower and Centre Block was not only going to cost taxpayers $5 billion but would also not be completed until 2030 or 2031.  One of the strange issues arising out of the renovation had nothing to do with the $57.4 billion the City of Ottawa wants to spend to make the city reach “net-zero” as the Peace Tower and Centre Block are owned by the Government of Canada. The article noted:

It’s being promised by PSPC (Public Services and Procurement Canada) that the renovation will result in transforming the “largest energy consumer and greenhouse gas emitter” within PSPC’s portfolio of federal buildings into a carbon-neutral facility with significant reductions to energy and water consumption.”

I’m sure PSPC has numerous properties emitting “greenhouse gas” but probably none of them are places where so many politicians are present so perhaps, as taxpayers, we were aware of where the largest “carbon emissions” emanate from; when parliament actually sits. 

Putting aside the fact that our parliamentarians spew “greenhouse gas” one wonders why PSPC didn’t look for alternatives to spending all those tax dollars?  Was the only choice to spend $5 billion to make it “carbon-neutral” or perhaps they should have considered buying some of those California “Global Emission Offset Credit’s” priced at US $20.32/tonne for June 2021? $5 billion would buy a lot of those “offset credits”!

PwC to add 100,000 jobs in US$12 billion strategic revamp

An article in the Financial Post last week stated “PricewaterhouseCoopers LLP is investing US$12 billion across its global business in an overhaul targeting better audits, digitization of services and greener operations.” The article went on to note: “The professional-services provider will hire 100,000 employees and develop the skills of existing staff over the next five years as it seeks to respond to the post-pandemic operating environment” and went on to state; “The firm’s spending will also focus on responding to environmental, social and governance (ESG) trends across its operations.” ESG was a creation of the World Economic Forum (WEF) which was founded by the German economist Charles Schwab.  ESG is fully supported by the big four audit firms as it will allow them to increase their audit bills and some of those funds will presumably result in hiring more staff with those (whatever they are) ESG audit skills. It will also allow the big investment firms like Bloombergs, Brookfield, etc. to make lots of money trading those carbon credits that many firms will be required to purchase due to regulations and “Acts” imposed by government bodies at all levels.

My question is related to the foregoing imposition of ESG!  ESG imposition seems destined to make the very rich even richer and those in the middle and poorer classes poorer and is that it’s objective?

A bird stands in the way of India’s green goals  

India has so far escaped the need to impose carbon taxes but they do seem concerned about “climate change” so have been handing out contracts for more coal generation as well as wind and solar generation. This article indicates they have received push-back from the Wildlife Institute of India on the latter contracts and they were successful pushing for buried transmission lines in order to save an endangered bird known as the “great Indian bustard”.  The Supreme Court ruling supported the Institute but now the developers are crying because burying the transmission lines will reputedly increase costs to them by $4 billion.

The question I would have for the Canadian judicial system is why in most cases when similar objections were raised by opponents of wind and solar generation in Ontario and elsewhere did the rulings handed out favour the developers and ignore wildlife proponents?

IESO and OEB join forces to support innovative projects to help meet province’s growing energy needs

The IESO (independent Electric System Operator) and the OEB (Ontario Energy Board) recently issued a Press Release announcing they have formed a new partnership. The partnership “would test the capabilities of Distributed Energy Resources (DERs) in providing services at both the local and provincial levels.” The DER resources they want to test are identified as: Some examples include rooftop solar panels, battery storage units and demand response devices, such as smart thermostats, that help reduce or shift consumers’ electricity usage.”  While industrial wind turbines are missing from the examples one should assume they are part of the mix as approximately 600 MW (megawatts) of their capacity are already part of the DER!  Ontario’s ratepayers have already experienced those “innovative projects” (sarcasm intended) which caused electricity rates to jump over 100% creating energy poverty while driving energy dependent businesses out of the province. IESO will also subsidize those “innovative projects” via their Grid Innovation Fund (GIF) while the OEB will provide “temporary relief” from regulatory guidelines.

My question is; why is the Minister of Energy allowing this to happen when the outcome has already been clearly demonstrated?

Conclusion  

From all appearances it appears confusion reigns supreme throughout the world when itcomes to the question of “climate change”, and the myriad ways governments and their regulators are dealing with it.  It is time realism is deemed important in respect to the global movement to effectively increase energy poverty and for governments to respect scientific opinion that has been tossed aside by the super-rich out to increase their wealth while harming the rest of mankind!

The time has arrived for governments to answer our “climate realism” questions!

Ottawa spending billions to get to net zero

Marc Patrone, host of the weekday show from 9 AM to 11 AM had me on as a guest this morning (June 17, 2021) to talk about the City of Ottawa’s “Energy Evolution”. While we discussed the foregoing briefly we also touched on several other energy related subjects such as the Line 5 pipeline and what the Ford Government has done in respect to the electricity sector in Ontario and the wind projects.

You can listen to the podcast starting at 1:17.37 here:

If you are a subscriber to NEWSTALKCANADA you can listen here:

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Ecojustice Lost in Court

Ecojustice challenged the Alberta, Allen Inquiry, into the “Tarsands Campaign” and recently lost in court. The organizations and individuals behind the campaign were many of those I have connected in a recent article. At the same time, I noted how they obtained tax dollars in their efforts to push their “climate change” concept and to shut down Canada’s oil and gas industry. The article’s long title is “Canadian Institute for Climate Choices, Smart Prosperity Institute, Ecojustice, The Natural Step, and the University of Ottawa interdisciplinary Environment Institute all connect to Stewart Elgie and several other Eco-Warriors” and was posted June 7, 2021.

Friends of Science has utilized some of the material from the aforementioned article in their recent YouTube post.  Watch the video to get a view on how the eco-warriors were and are continuing to shut down the inquiry perhaps because they will be exposed?

ENERGY EVOLUTION: OTTAWA’S COMMUNITY ENERGY TRANSITION STRATEGY

City of Ottawa plans to spend $57.4 Billion to get to net-zero by 2050 and Carney is helping them

On April 24, 2019 the City of Ottawa passed a motion declaring a “climate emergency” and only two councilors voted against it.  Interestingly one of the “No” votes came from Rick Chiarelli, 2nd cousin of Bob Chiarelli, former Ontario Minister of Energy who during his term of service was a big fan of renewable energy which caused electricity prices to rise over 100% in the province.

Passage of the motion led to the appointment of councilor Scott Moffat as Chair of the City’s Standing Committee on Environmental Protection, Water and Waste Management. Moffat presumably accepted the position with his belief in the reputed and upcoming “climate emergency” motion he supported.

As an outgrowth of the “climate emergency” declaration, the Ottawa Community Foundation (OCF), a registered charity with assets of $178 million (CRA 2019 filing) launched the Ottawa Climate Action Fund (OCAF).  The official launch occurred May 14, 2021 and was moderated by Diana Fox Carney, who happens to be Mark Carney’s wife. 

As yet another coincidence, it was earlier announced on May 3, 2021, by Eurasia Group, “the world’s leading political risk research and consulting firm” (their claim), that “Diana Fox Carney, a widely respected expert on global climate and energy policy, will be joining as a senior advisor. At Eurasia Group, Fox Carney will work closely with Vice Chairman Gerald Butts, who helped negotiate the Paris Climate Agreement, to bolster the firm’s growing climate and energy practice. Most Canadians and particularly Ontarians will recognize the “Butts” name as it was he who; “behind the scenes”, influenced former Ontario Premier, McGuinty in the creation of the GEGEA (Green Energy and Green Economy Act) driving up electricity prices in the push for wind and solar generation.

On the launch day of May 14, 2021 the OCAF issued a press release announcing a: “$21.7M investment from the Government of Canada to bring Carbon Down and Community Up“.  As one would expect the press release carried words of wonder from Ministers Seamus O’Regan and Catherine McKenna on how those tax dollars would help save the world from the climate emergency while creating jobs and making life better for our kids and grandkids.

The City of Ottawa’s plan to get to net-zero by 2050 consists of 101 pages and starts with a “Thank You to Our Partners”. The report states; “The city extends its sincere thanks and appreciation to almost 200 public and private stakeholders representing more than 90 organizations” in discussions and technical workshops! One of those listed is Pollution Probe (a charity) who have been pushing environmental issues for several decades.  The interesting issue in respect to the City of Ottawa’s plan is it appears to have been created by Pollution Probe. When you link to the plan in PDF format it suggests it was PP’s creation not the City!  Also interesting is in the list of OCAF’s appointed advisors one finds an individual by the name of Chris Henderson.  If one looks at Pollution Probe 2020 GALA webpage the moderator for one of the sessions was Chris Henderson.  Coincidental, or is Ottawa’s “net-zero” plan a creation of PP rather than City officials?

The official OCAF online launch with Diana Carney as moderator took place on the same day (May 14, 2021) as the $21.7 million in tax dollars were announced.  The video recording of the launch is just over one hour and included presenters; Seamus O’Regan, Catherine McKenna and a few others including Councilor Moffat!  O’Regan waxed on about temperatures last winter being 10 degrees higher than normal in Labrador as a sign of the climate emergency but if he bothered to investigate history, he would have noted average winter temperatures in Goose Bay, where he grew up, vary by as much as 30 degrees from a low of -30 C to 0 C in January. Ottawa MP McKenna screeched she want’s Ottawa to be the greenest capital ever!

Reverting to the PP plan it is interesting to see the following:  “Financial analysis indicates that cumulative community-wide investments from 2020 to 2050 total $57.4 billion with a present value of $31.8 billion.” To put that in perspective the $21.7 million taxpayer dollars just awarded to the City is 0.4% of the investments reputedly needed and those investments are 14.5 times the City’s current annual budget of $3.94 billion. As one should suspect the plan recommends complete electrification of everything and utilizing renewable energy in the form of solar and wind (lowest power density of energy sources).  From the plan: 

The model indicates that the minimum results required to meet the 100% scenario under the electricity sector are:

• Solar photovoltaic (PV) reaches 1,060 MW by 2050 (approximately 36 km2 of solar PV47 mostly on rooftops)

• Wind generation reaches 3,218 MW by 2050 (approximately 710 large scale turbines)”

The proposal to have 1060 MW of solar panels (40% of what Ontario currently has) and 3,218 MW of wind turbines (60% of what Ontario has currently) to supply Ottawa with the power needed to achieve net-zero by 2050 is a dream Ontarians have already suffered though. Residents in Ottawa should get ready for electricity prices to more than double every 10 years.

The 101-page plan says absolutely nothing about the toxic elements in those 1060 MW of solar panels that will require disposal in 15/20 years when they reach their end of life and need to be removed from the 36 square kilometers of rooftops they will cover.  Interestingly enough, many will have to be removed and replaced before we even reach 2050.

The same concern should be considered in respect to those “710 large scale turbines” whose life cycle is about the same as solar panels and will be 160 metres in height as compared to the 98 metre height of the Peace Tower. I presume Catherine McKenna would welcome solar panels on her roof and one of those industrial wind turbines near or at her residence if she really wants Ottawa to be “the greenest capital ever”.

The OEB yearbook of Distributors for 2019 indicates the hourly peak demand for Hydro Ottawa in the summer was 1,348 MW and winter peak was 1,257 MW, By 2050 or sooner those peaks will double or triple. What that could mean is residents and businesses will be faced with rolling blackouts similar to those experienced by California, Southern Australia and were partially to blame for the Texas blackout. Those three regions have opted for unreliable and intermittent wind and solar generation although Texas hasn’t gone quite as far as California and SA have.

Those of us in the rest of Ontario should insist Hydro Ottawa be disconnected from the grid to ensure only the City of Ottawa is affected by blackouts or brownouts in the future.  Let them spend the $57.4 billion but only use the tax dollars generated by those living in Ottawa and the rest of us can sit back and watch what happens when politicians are eventually accused of harming those who voted for them.

Cabal of climate change fear-mongers cash in.

Once again I was invited to be on Sauga Radio 960 AM where Marc Patrone and I discussed my recent article about the “climate change” cabal of unelected warriors who seem to control the politicians the rest of us elected. We touched on a few other related topics that talked about the costs of the folly they profess.

You can tune in to the June 8, 2021 podcast here at 1:20:45 to hear the full conversation:

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The Price of Everything heads Skyward and it’s not just the Necessities of Life

It Appears we Must Save the World from Global Warming by paying more for financial services!

Having just received my home insurance renewal policy I noted the monthly premium had jumped 11.6% and I wondered why as It wasn’t due to a claim made by our household? The cover letter stated:

The increased cost of repairs and increased occurrence of severe weather and natural disasters in Ontario have affected your premium. Due to inflation, the cost of building materials has increased, meaning that the cost to repair and rebuild your home in the event of a claim has increased. Significant weather events such as ice storms, high winds and heavy rainfall, as well as the increase in frequency and severity of natural disasters such as fires and floods have affected the cost of home insurance in Ontario

Having been in the Province with almost continual lock-downs for the past year, due to the pandemic, I obviously missed all the implied “disasters” and the “occurrence of severe weather” the letter alluded to! The same insurance company owned by the TD Bank also recently renewed our automobile insurance but the rate only increased 3.2% perhaps because they recognized we weren’t allowed to travel except for “essential” goods!  The TD Bank also had sent a notice they increased some banking charges on my account so for any of the services I obtain from them the costs went up but not what they pay in interest for funds I might occasionally have on deposit.

If one had a benevolent thought about the foregoing increases it would be; perhaps the banks and insurance companies have suffered from the lockdowns so these increased costs will ensure they retain their employees while experiencing similar harm as the rest of the population.

But then Thursday May 27, 2021 arrived and the press reported: “Three of Canada’s top lenders reported better-than-expected quarterly profits on Thursday. The three were RBC, CIBC and TD.  While earnings climbed for RBC and CIBC they actually fell for TD. The article noted, at TD, earnings excluding the impact of provisions and taxes fell 16.8 per cent, compared with increases of 14 per cent and 11 per cent at CIBC and RBC respectively. In other words, had the prior provisions for loan losses at TD not resulted in a substantial recovery of $373 million of funds set aside to cover bad loans and those lower taxes, their results would not have been nearly as impressive.

TD “Quarterly Results Presentation” at 36 pages contained lots of information and there on page 9 it stated; “Insurance claims were down 34% YoY (year over year) and down 43% QoQ (quarter over quarter” yet both of our insurance premiums increased.  On page 4 of the presentation describing their “Proven Business Model” they listed six short descriptors and one of them was: “Continued strong Wealth, Insurance and Wholesale earnings”.  So, despite the “strong” earnings from their Insurance business they want more.  That explains why our premiums went up and it had nothing to do with what they tell their customers in the cover letter sent with the policy renewal.

If one ventures into TD’s CEO Bharat Masrani’s remarks about certain achievements it leads to bragging about issues that, in the past, had nothing to do with what one would consider “normal” financial institution management issues. As one example the TD is committed to ESG (environment, social, governance) and Masrani includes references to two reports where his remarks note the recovery from the pandemic: “was a core message of our 2020 ESG and TCFD* (Task Force on Climaterelated Financial Disclosures) reports, which we released this quarter.” 

Mr. Masrani went on to say; “I invite you to read them and learn more about what we are doing to build a more inclusive and sustainable future. That includes our approach to achieving the goals of our climate action plan, as the first Canadian bank to set a net-zero target by 2050. We are accelerating our efforts, have mobilized leaders and experts across the bank. And are working closely with clients in multiple sectors to support their transition plans and create positive change.”  Later in his message, Masrani said: “TD Insurance continued to take market share rising to the number three position for home and auto general insurance.” If rates keep rising as ours** did, he shouldn’t count on that continuing!

 So, one has to wonder did TD’s endorsement of ESG along with it’s push to join up with the Michael Bloomberg creation; “Task Force on Climaterelated FinancialDisclosures” play a role on TD’s less than stellar performance in the latest Quarter.

From the foregoing one should shutter at the thought that, not only will the increasing “carbon tax” and “clean fuel standards” (imposed by the Justin Trudeau Government) increase our cost of living but beyond that we will be impacted by all other institutions raising their prices for services in a similar fashion to that being exhibited by the TD Bank. 

Higher prices for everything we need in our day to day living are heading skyward!

*TCFD is a Michael Bloomberg creation and our former Governor of the Bank of Canada, Mark Carney is one of the key individuals in its founding and focus.

**Full disclosure! I was a former employee of the TD Bank and own shares in them so speak with a prejudicial bias but am upset at their endorsement of ESG and the TFCD.

Ontario gifts Michigan cheap energy as US state threatens Line 5

I was on Sauga Radio 960 AM at the invitation of Marc Patrone for his morning show on May 19, 2021. Our discussion was related to the cheap power we have been exporting to Michigan and other locations and Michigan’s threat to shut down Line 5.

You can listen to our chat starting at 1:22.18 of his show on the podcast here:

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