Ford Proud of Cancelled Green Energy Contracts

ripped contract

The Canadian Press|By Shawn Jeffords|November 21, 2019

Doug Ford ‘proud’ of decision to tear up hundreds of green energy contracts

TORONTO – Premier Doug Ford said Thursday he is “proud” of his decision to tear up hundreds of renewable energy deals, a move that his government acknowledges could cost taxpayers more than $230 million.

Ford dismissed criticism that his Progressive Conservatives are wasting public money, telling a news conference that the cancellation of 750 contracts signed by the previous Liberal government will save cash.

READ MORE: Ford government’s cancellation of green energy deals costs Ontario $231 million

“I’m so proud of that,” Ford said of his decision. “I’m proud that we actually saved the taxpayers $790 million when we cancelled those terrible, terrible, terrible wind turbines that really for the last 15 years have destroyed our energy file.”

Later Thursday, Ford went further in defending the cancelled contracts, saying “if we had the chance to get rid of all the wind mills we would.”

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Has Pension Plan bought into a huge Lawsuit?

Golden nest egg concept for retirement savings

CBC News|November 20, 2019

CPP might be ‘buying into a lawsuit’ through Pattern Energy acquisition, says lawyer

The Canada Pension Plan Investment Board (CPPIB) might be “buying into a lawsuit” by acquiring U.S.-based renewable energy company Pattern Energy, according to a lawyer representing Chatham-Kent residents whose lawsuit against the Ontario government — as well as three wind turbine companies, including Pattern Energy — was dismissed earlier this year.

Pattern Energy announced in early November that it had entered into a $6.1 billion agreement with the CPPIB that would see the federal pension plan’s investment arm acquire the renewable energy company.

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broken golden egg

 

I came here to dance

I came here to dance
I came here to dance

Min datter Anne M. Eieslands bidrag til Kvina kunstnarlags høstutstilling denne helgen og kommende uke. Følgende er en hilsen fra kunstneren til dere alle;

“Dedikert til alle vindkraftmotstandere som kjemper for landet jeg elsker og en spesiell takk til alle i gruppen “Nei til vindkraftverk på Frøya” og til Motvind Norge som har vært min hovedkilde for inspirasjon gjennom sitt fantastiske engasjement, utholdenhet og pågangsmot. Dere er utrolige!”

Del gjerne🙂

Bildets tittel: “I came here to dance”

Translation:

My daughter Anne M. Iceland’s contribution to this weekend and the next week. The following is a greeting from the artist to all of you;

” dedicated to all the wind turbines who fight for the country I love and a special thank you to everyone in the group ” no to wind turbines on Freya ” and to headwind Norway who has been my main source of inspiration through its wonderful commitment, perseverance and courage. You guys are incredible!”

Please share 🙂

Image Title: “in come here to dance”

Source: Face Book posted November 17, 2019

Canada Pension Plan~Follow Your Money

money burning turbine

November 13, 2019|Chief Investment Officer

Top Canada Pension Plan Embraces Energy, Both Fossil Fuel and Not

CPPIB is plying the oil and gas sector for investment opportunities, as well as going into renewables.
Canada’s largest pension fund is not letting go of its investments in oil and gas, as well as renewables, anytime soon. The Canada Pension Plan Investment Board (CPPIB) CEO, Mark Machin, said in an interview with BNN Bloomberg in Toronto last week that the sector, including pipelines and other resources, are appropriate for the fund’s portfolio.

“We will look at traditional oil and gas, whether it’s pipelines or other resources,” said Manchin, referring to renewables. “As long as we can understand all the risks behind the investment, that the regulation may change, that preference may change, that geography may change. If we can understand those and can still be compensated sufficiently, then we’ll continue to make that investment.”

The program is still committed to renewables. The fund, which has a value of about $300 billion, acquired North American wind farm operator Pattern Energy last week for $6.1 billion. Shares cost $26.75 per share for a total of $2.6 billion. The remainder covered the company’s debts. Pattern has built 28 renewable energy projects in the US, Canada, and Japan. The investment is one of the largest M&A deals in US renewables.

In relative terms, though, energy, whether green or not, is not a huge chunk of CPPIB’s portfolio. The fund is invested in more than 20 energy companies ranging from pipeline companies to renewables. As of March 30, the end of its most recent fiscal year, just 1.6% of the fund’s portfolio was invested in the traditional energy sector, and 1% in a category called “power and renewables.”

Manchin’s remarks follow a setback for the Canadian energy industry. Last week, legacy energy firm Encana announced plans to move its corporate headquarters to Denver, and drop references to Canada in its branding. Pipeline shortages, Canadian anti-oil sentiment, and the availability of capital in the US are reasons for the relocation.

The Pattern Energy deal demonstrates the delicate balance Machin is striking between reaping the rewards of oil and gas revenue and acknowledging the “multi-faceted” and “very complicated risk” of climate change, including public outrage over fossil fuel investments.

“It’s important as an investor that we understand all of those risks and how fast the energy transition is going to happen,” he said. “When we look at every investment, we understand all the risks that climate change could present…We are able to understand the risks in a more granular way now because of some of the tools and the disclosure practices that have really improved.”

Manchin is referring in part to the Financial Stability Board’s Task Force on climate-related disclosures that have pushed companies to provide more information, data, and metrics for funds like CPPIB to make investment decisions. (The CPPIB is one of two global pension fund managers on the board.) In April, the fund launched a framework for teams to evaluate climate change-related risks and opportunities. About 4% of the fund is invested in traditional and renewable energy.

The Canadian fund is stopping short of joining the throngs of investors lining up for the Aramco initial public offering. Saudi Arabia is taking its giant oil company public amid great fanfare and international investor interest….

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Ireland fined over wind project mud slides

mud slideIreland fined €5m plus daily penalty of €15,000 over landslides at Galway wind farm

The fine relates to an incident which saw 50,000 fish killed in 2003.

November 12, 2019

THE EU’S COURT of Justice has fined the State €5m over its failure to comply with EU legislation that might have prevented landslides linked to the construction of a wind farm in the west of Ireland in 2003.

The penalty is set to increase further as EU’s top court set an additional daily fine of €15,000 until the Government achieves compliance with environmental legislation on assessing the impact of the wind farm Derrybrien, Co Galway.

The fine is due to the “seriousness and duration” of the failure to carry out an environmental impact assessment on the wind farm in the 11 years since a previous CJEU ruling on 3 July, 2008.

The legal action by the European Commission followed a massive landslide at Derrybrien on 16 October, 2003, when tonnes of peat were dislodged and polluted the Owendalulleegh River, resulting in the death of around 50,000 fish.

At the time Derrybrien was the country’s biggest-ever wind farm, and one of the largest in Europe, with 70 turbines. Its construction required the removal of large areas of forest and the extraction of peat up to a depth of 5.5 metres.

The European Commission said two investigations had concluded that the environmental disaster had been linked to the construction work on the wind farm.

READ ARTICLE HERE

On those grounds, the Court (Grand Chamber) hereby:

1.      Declares that, by failing to take all measures necessary to comply with the judgment of 3 July 2008, Commission v Ireland (C215/06, EU:C:2008:380), Ireland has failed to fulfil its obligations under Article 260(1) TFEU;

2.      Orders Ireland to pay the European Commission a lump sum in the amount of EUR 5 000 000;

3.      Orders Ireland to pay the Commission a periodic penalty payment of EUR 15 000 per day from the date of delivery of the present judgment until the date of compliance with the judgment of 3 July 2008, Commission v Ireland (C215/06, EU:C:2008:380);

4.      Orders Ireland to pay the costs.

READ COURT DECISION HERE

Enercon cuts jobs as wind industry collapses

enercon turbineThousands to lose jobs as German wind crisis hits Enercon

“A combination of ill-designed first onshore wind auctions in 2017, a permitting malaise, bureaucratic hurdles, and anti-wind protests have pushed German onshore wind additions to their lowest figure since 2000. Enercon during the first ten months of this year has installed turbines with a combined capacity of around 210MW in the country, compared to 2GW still erected in 2017.”

READ ARTICLE HERE

Niagara Wind’s 3rd Year

Niagara Wind had some visitors on a very cold wet fall day.   It has been 3 years since the project was activated.  The project is currently operating out of compliance with its renewable energy approval.  Left them some signs outside their office.   Thanks to all those who honked in support.

 

Protecting our children from Industrial Wind Power Emissions is our first priority!

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