So the news is starting to trickle out - like a small wikileak in a hydro dam. There is no question that this deal was never meant to be - should not be - and must be stopped.
It must of been a real eye opener for members of the Dunderdale caucus and Cabinet - as they got a glimpse into what was really going on. Imagine being a Jim Baker or a John Hickey as you find out for the first time what people will say and do to rob the people of Labrador of their liquid gold (hydropower).
Imagine being a Vaughn Granter (the Principal with no democratic Principles) or a Derrick Dalley (Danny's Coat-tails) upon looking at the words from the WikiLeaks document - and realizing what a nodding senseless head you've been.
Fortunately for us - partisan is not the top priority for those of us who truly care and are passionate about Newfoundland and Labrador. We put our children first - not the shareholders of Emera. We put our Newfoundland and Labrador ahead of "Kathy Kathy rah rah rah sis boom bah".
So the quotes of importance from the American Consulate in Halifax attributed to Emera's General Counsel - James Spurr are the following:
1. Emera's core business strategy is to diversify and expand its interests with a simple goal in mind - increasing the profits for its shareholders.
2.The unknown factor, as Spurr explained, is N-L Premier Danny Williams. Spurr explained that N-L had been the victim of bad resource deals in the past which have left Williams very cautious if not suspicious in his business negotiations.
3.Given that legacy, Spurr remarked that he and his senior colleagues are equally cautious in dealing with the premier, with knowledge it makes more financial sense for N-L to do a deal with Quebec than with them.
4. In fact, Spurr indicated he wouldn't be surprised if William ended up doing just that, and leaving Spurr and colleagues to speculate that Williams might be using them to exert more pressure on Quebec to offer a better deal for N-L.
5. After all, unlike its provincially-owned counterparts in the neighboring provinces, Emera's growth is not confined to its own province. Instead, the company plans to expand to areas that promise the best returns to its shareholders, not what might be best politically.
Starting with the last one - the interpretation for Newfoundlanders and Labradorians should be clear. Emera unlike a publicly owned utility like Newfoundland and Labrador Hydro which operates for the benefit of the people - actually operates for the benefit of ITS shareholders. You see it is not politically wise for a government to rip the value of a natural resource owned by the people of Newfoundland and :Labrador and turn its potential over to a group of wealthy investors.
Then of course - is the acknowledgement that a deal with Quebec versus Emera makes "more financial sense" for our province - therefore Emera was concerned where Danny Williams might actually go with it. This should be of extreme concern to the people of Newfoundland and Labrador - and all should take stock and demand to see all the information surrounding the achievement of a Term Sheet. Further one might as well read into it - that Emera was and is taking advantage of the "feud" with Quebec.
Then there is the whole Danny fighting with Kathy thing. Danny leaves unexpectedly, then turns the reigns to Dunderdale who apparently proceeds to cut him out of government affairs.
Either the feud is real or concocted.
If real - was the Term Sheet supposed to be held up until new terms could be made with Quebec - perhaps including some redress on the Upper Churchill? Is it that Dunderdale forged ahead with what Danny knew was a bad deal for the people of the province?
Dunderdale clearly does not know what she is doing regarding energy policy and equally as clear Williams was always in charge of that file until he quit.
This certainly answers why Emera, the American Consulate, and Washington were monitoring blogs from this province - that were questioning the deal.
This deal must be stopped and stopped now. This is a sellout of our resources and Labradorians are being taken to the cleaners. This should raise enough doubt in the minds of Labrador MHA's and Island MHA's that want to be re-elected - that they stop Dunderdale from this disaster.
As always more to follow on this deal. There's another shoe left to drop.
Can we finally put to bed the spin - that Nova Scotia is part of the deal - no this is Emera - a corporation. We are not doing a deal with another province. Further this is not about warm and fuzzy greening up of Atlantic Canada - it's about money and lots of it for wealthy Emera shareholders.
For documentation Press Here
3 comments:
Hi Sue,
Normally I find your thoughts insightful and, while there may be something here, it looks like you've blown it a little out of proportion based on limited information.
First of all, points 1, 2 and 5 in your commentary simply refer to Emera being in the business of making a profit for its shareholders, hoping to expand and wanting to ensure that they do not get burned on the Lower Churchill deal. Nothing unexpected there, companies are in business to make money, not lose it.
Points 3 and 4 speak to Emera's concerns that a deal with Quebec would make more sense for the provine. It is only these that really have any interest in the context of the Lower Churchill development.
On those we deserve some explanation, but to automatically jump to the conclusions you've put forward is a bit quick. Perhaps you are right but there is the possibility that not all the facts were known to those expressing this position. Could it be that Quebec was going to charge NL too much or continued to throw up roadblocks. Also possible.
I'm just saying more info is needed before yelling that the sky is falling and calling for cancellation of the agreement.
IMHO
Cheers,
Patriot
Hi there,
Thanks for the feedback. This particular post should be taken in context relative to all my posts on this deal.
It is clear to all who read my blog that this post is but one concern.
Remember - my position is that the power remain in Labrador for industry.
As for the comments on profit - of course the Emera must maximize value - a fiduciary must.
This should not be confused however with what the primary goals of our govt. should be - maximize value for us - the shareholders of NLH.
This is a break with policy - and an attempt to privatize in the long-term.
Saddle it with debt and we will have to do what Nova Scotia has to do and that's privatize their utility - Nova Scotia Power (owned now by Emer)
Sue I know your blog title has little relevance to what I am about to comment on but I am going to express my views here on an article I just read from the Globe and Mail titled "Farm workers have no right to unionize, top court rules."
The form of Government that we are ruled under today from Ottawa has to be changed. The top court of the land, the Supreme Court of Canada just ruled that farm workers have no right to unionize. What is the use of a Supreme Court when everything it rules on is ruled in favor of what the Ottawa government wishes for?
We are living under a very corrupt form of government.
As we know we here in the province of Newfoundland and Labrador have to abide by the wishes of the Federal Government. We even had a ruling twice on the Upper Churchill contract by the Supreme Court that it was a just deal and it would stand. OOur province has never had a judge appointed to that court. It is quite obvious why that was so.
Whenever Ottawa had the need for one of our province's natural resources to be developed, it had to be developed under the terms and desires of what the Ottawa government wanted. That applied to every development of a resource that ever occurred in the province of Newfoundland and Labrador since we have been part of the Canadian Federation. The time is long overdue for change in the governmental system.
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