BC’s UARB: clean power is “not in the public interest”
The Canadian province most deeply committed to clean, renewable energy has been stopped in its tracks by a utilities commission ruling that rejected BC Hydro's plans to acquire clean energy as “not in the public interest.” Moneyquote: The ruling could call into question the viability of the B.C. government's policy of reducing greenhouse gas emissions by at least 33 per cent below 2007 levels by 2020. That promise, and a long term goal of an 80 per cent reduction by 2050, was put into law last year with passage of the Greenhouse Gas Reduction Targets Act. Green energy stocks fell sharply on...
Lurking behind Nova Scotia Power's increasingly frantic efforts to find renewable sources of electrical generation is the threat of a crushing $500,000-a-day fine should it fail to meet legislated targets for 2010. That works out to $183 million per year—half again what NSP earned its shareholders in 2008.
For better or for worse, the threat is symbolic, not real.
Under the Electricity Act, a set of regulations known as the Renewable Energy Standards (RES) requires NSP to purchase at least five percent of its 2010 energy supply from renewable sources owned by third parties and built after 2001. The RES requirement increases to 10 percent in 2013, but may include generation from both third party and NSPI facilities. The Climate Change Action Plan, released last January, would have increased this to 25 percent by 2020, but a little noticed NDP campaign promise trumps that provision, moving the 25 percent deadline up to 2015.
RES regulations stipulate "a daily penalty of no more than $500,000" for failure to comply.
