A BUDGET BILL submitted by the Governor
in accordance with Article VII of the Constitution
AN ACT to amend the public service law, the economic development
law, the real property tax law, the general municipal law,
the public authorities law, the environmental conservation
law, the New York state urban development corporation act
and the state finance law, in relation to accelerating the
growth of renewable energy facilities to meet critical
state energy policy goals (Part );…….
Ontario has started to conduct its Pre-Budget Consultations for 2020. The following is a personal submission made by a concerned citizen to The Standing Committee on Finance and Economic Affairs.
Ontario Power Disaster and What to Do About It
Nation Valley News|January 14, 2020
North Stormont Council receives an update on the status of the Nation Rise Wind Project. Councillor Roxane Villeneuve expresses concern that the township could be on the hook to refund building permit fees already collected.
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.
“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.”
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.
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….
Thousands 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.”
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.
Write the big cheque because wind and solar just blew out big time 😢
New regulation under the Environmental Protection Act to close the White Pines Wind Project
This consultation was open from:
October 17, 2018
to December 1, 2018
We decided to make a new regulation to require that the closure of the White Pines Wind Facility is carried out in a way that is protective of human health and the environment.