RE: tanking today...I believe this is why:
https://www.theprovince.com/BCUC+ruling+against+Hydro+claim+more+power+shocks+industry+players/1842210/story.html
BCUC's ruling against BC Hydro's claim for more power shocks industry players
The B.C. Utilities Commission's bombshell ruling against B.C.Hydro's massive call for clean energy is a rebuke to Premier GordonCampbell and his power privatization plans, and a victory forratepayers, NDP's energy critic says.
This week the BCUC refusedto endorse B.C. Hydro's long-term call for 3,000 gigawatts of powerfrom public and independent power producers (IPPs) because it was not"in the public interest."
In other words, the BCUC shot downgovernment claims that the province needs more power, NDP energy criticJohn Horgan told The Province.
Horgan said power purchased fromIPP sources would cost up to twice as much as B.C. Hydro energy,sending ratepayer bills through the roof.
"The government hasbeen saying we have this crisis; we need the IPPs or the lights will goout," Horgan said. "Thank goodness we have a regulator that protectedratepayers and stopped Premier Campbell from privatizing power in B.C."
Howeverenergy minister Blair Lekstrom says the government is preparing a swiftresponse to the ruling, which could include a legal challenge.
Lekstrom said: "I was surprised by (the ruling). It flies in the face of our agenda to reduce greenhouse gas emissions."
Afterthe ruling, IPP investors have run for the exits, leaving a buddingindustry valued at up to $14 billion after the May 12 election with adubious future, according to some analysts.
Lekstrom said thereis a lot of concern from IPPs wondering if the government's plans willchange with the BCUC ruling, but he insists it's full steam ahead.
"We are committed to our clean energy industry and our climate action and energy plans," he said.
NaiKunWind CEO Paul Taylor, former head of ICBC, told The Province hiscompany had lobbied the BCUC to approve B.C. Hydro's blanket call forpower; Naikun was one of about 60 bidding for contracts in the November2008 call, and can still apply under a different process, he said.
"I found the ruling confusing," Taylor said. "It's totally in conflict with the government's clean-energy policy."
Taylor acknowledged IPP investors are worried.
"Youjust have to look at ours and (Plutonic Power Corporation's) stockprice," he said. "Investors are concerned and trying to understand what(the ruling) means."
Plutonic Power Corporation and its pending$4-billion, 1,027-megawatt proposal on the Bute Inlet north of PowellRiver had looked a good bet to succeed, but the company saw its shareprice plummet from $4 to less than $3 following the BCUC ruling.
Companyspokesperson Elisha McCallum said Plutonic will not comment on itsbusiness prospects until the government and B.C. Hydro respond to theBCUC ruling.
B.C. Hydro says it will return to the BCUC with a revised long-term acquisition plan.
Onthe investing website stockhouse.com, an apparent Plutonic shareholderwith the tag-line Ogopogo0070, offered this comment Wednesday: "Thishas to be a huge political issue for the Premier. A good chunk of thelast B.C. election was over green energy. He won ... Now (Plutonic)can't sell to B.C. Hydro."
Eric Doherty of the WildernessCommittee, an environmental group strongly opposed to run-of-riverprojects, said the BCUC ruling is "telling B.C. Hydro to put moreemphasis on energy conservation and less on energy generation."