In today's updates: energy experts, the former CEO of BC Hydro, and researchers at Oxford reveal the not-so-hidden costs of hydroelectric dam development.
Scrapping the dam will save $2.08 to $4.37 billion dollars
Robert McCullough of McCullough Research, who was commissioned by the Peace Valley Landowners Association and the Peace Valley Environment Association to submit an analysis of the Site C dam, said that scrapping the dam and relying on alternative energy sources will save between $2.08 to $4.37 billion. McCullough testified to the Site C Inquiry panel today as one of 17 experts that were invited by the Commission to present their findings and answer questions from the four panellists on their analyses.
Former CEO of BC Hydro speaks to economic harm of Site C Dam
“Site C must be cancelled to ensure that the B.C. ratepayers are not left with an unconscionable burden of significant electricity rate increases that will cause major economic harm to families and businesses throughout the province,” Eliesen says.
New research from Oxford University reveals large dams cost on average 90% more than their budgets at the time of approval.
The study is based on data from 245 large dams in 65 different countries. The findings show the construction costs of large dams are on average +90% higher than their budgets at the time of approval, in real terms. This result is before accounting for negative impacts on human society and environment, and without including the effects of inflation and debt servicing; including these items, costs and cost overruns are much higher.