Let the utility buy a new turbine
Perhaps the Government of P.E.I. should reconsider their intention to finance and/or own the new 50 MW combustion turbine generator that Maritime Electric wants or even needs to purchase as a back up to avoid unscheduled power outages or load-shedding.
The provincial government already has to finance half the cost of the submarine power cable project, of which we don’t yet know the precise costs.
If it is going to finance the new turbine generator too, it would put the financing burden disproportionately on the government of P.E.I.
Why unnecessarily add $50 million ($68 million by Maritime Electric’s estimate) to an already sky-high provincial debt?
Why does the government of P.E.I. even want to own this generator? It would make things needlessly complicated.
Maritime Electric (Fortis Inc.) is much better positioned to finance the new generator.
How exactly can we all save $30 million in electricity rates by an investment of $50 million (initial projected cost and savings ratio mentioned by the provincial government) and over what time period? Will we subsequently save $40.8 million ($40 million and $800,000) by an investment of $68 million?
What about amortization payments?
It was, by the way, the change from GST to HST that caused the biggest increase ever in the household’s electricity invoices.
Maritime Electric wants to finance, purchase and own the generator. So, let them do it. They are the ones that have to provide us with the electricity, which they have been doing quite reliably under sometimes difficult circumstances. Annet Tol Cornwall