According to a pair of articles in the National Post, the much -publicized gas plant cancellations in Mississauga and Oakville are not the biggest blunder the Ontario government has made with the Hydro file. In ‘Green Disaster,’ two Fraser Institute analysts say the Ontario Green Energy Act has wasted $2 Billion, and threatens to harm Ontario’s manufacturing sector with some of the highest power costs in North America. Worse, because of the need to install new gas-fired plants to back up unreliable wind power, we may end up increasing greenhouse gas emissions rather than reducing them. Full article here.
On a similar theme, Parker Gallant and Scott Luft describe the evisceration of Ontario Power Generation that has seen its revenues drop by 22 per cent in recent years. Again the losses are a result of the collapse in the price of hydro-electric power due to the over-building of wind and solar generation. To replace the last 3,000 MW of coal fired generation it is necessary to build 9,000 MW of intermittent wind and solar power. Most of the time these green energy sources are being dumped in the US. The OPG has lost over $8 Billion since the Green Energy Act, enough, the authors argue, to have paid off all of Ontario Hydro’s stranded debt with enough left over to have financed the Big Becky and Lower Mattagami hydro mega-projects. Read more here.