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BC Hydro CEO "Transitioned"
Friday, 06 November 2009 12:06

Bob Elton, President and CEO of BC Hydro, wasn't reading from the same page as the Campbell government on energy policy. As a result, he has been "transitioned" out of his job. Story from CBC News: BC Hydro CEO steps down amid power controversy

Excerpt: "The B.C. Liberal government has said that by 2020 half of B.C.'s new energy must be met through conservation, and much of the rest should come from private, independent power producers.

"Those independent power producers became a hot issue during the May provincial election when environmentalists raised concerns about the environmental impact of plans to build run-of-the-river power plants on many B.C. rivers.

"Then in July, the B.C. Utilities Commission, which regulates the Crown corporation, rejected BC Hydro's long-term plan based on the government's policy.

"The controversial decision by the independent commission pulled the plug on BC Hydro's plan to buy electricity from dozens of run-of-river and wind-power projects, saying the long-term acquisition scheme is not practical or in the public interest."

Vaughn Palmer of the Vancouver Sun wrote that Elton may have been "transitioned" instead of fired so they would have to give him severance pay. Link to article: This looks like a sideways move

Excerpt: "The B.C. Liberals have been concerned that investors were losing confidence in the province as a place to develop power projects, particularly since a recent ruling by the BC Utilities Commission that blocked Hydro's last call for proposals from private operators.

"So last week the cabinet eliminated that regulatory obstacle, ensuring that even as BC Hydro invests billions in upgrading its publicly owned assets, it will also be buying power on contract from private operators.

"The action was cheered by independent power producers. 'There's been a certain degree of investor fatigue with B.C. because of an uncertain investment climate,' said the CEO of one of the largest producers, Donald McInnes of Plutonic Power, in an interview with the Dow-Jones news service this week."