The Star Phoenix journalist, Paul Hanley, today follows up his earlier exposé of the finances of the carbon capture project at the Boundary Dam coal-fired power station near Estevan. Today's piece is a damning critique of SaskPower's inability to refute any of the data he presented.

Mr Hanley's article explains that this is a $1-billion (yes - that's billion as in $1,000-million) taxpayer subsidy to pay for a carbon capture project. That project will never generate a return for the taxpayers that subsidized it. But what it will do is to generate a net profit in excess of $2-billion for a consortium of oil companies led by Alberta-based Cenovus Energy.

 
 

 

BACKGROUND

In early October the Leader Post and the Star Phoenix published two separate articles both of which were highly critical of the finances of Boundary Dam.  We summarized their main findings in a blog post on 6 October

However those articles provided neither references nor calculation methodology and as a result it was not possible to verify their claims. Indeed Cenovus Energy responded with a letter to the Star Phoenix questioning the source of data. 

CALCULATIONS AND REFERENCES

In response Paul Hanley, of the Star Phoenix, wrote a letter to SaskPower with details on all the relevant calculations as well as data sources

 

There's a clear winner here. And it isn't Saskatchewan.