30 October 2009

No word on Fortis expropriation talks

While other power utilities in Atlantic Canada are up for grabs, there’s no word on the status of compensation talks between the Government of Newfoundland and Labrador and Fortis, Inc. resulting from the provincial government’s surprise seizure last winter of hydro-electricity assets in central Newfoundland.

Fortis-owned Newfoundland Properties  was one of three companies – including ENEL and Abitibi – generating capacity in the unexpected, and thus far unexplained, seizure.

Newfoundland and Labrador Premier Danny Williams announced the measures.  Williams introduced a bill in the provincial legislature in December 2008 that also quashed active court cases and stripped the companies of any legal recourse to the seizure.

The seizure of assets caused a loan default among other financial consequences.



Jingles said...
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Edward G. Hollett said...

Thanks "Jingles" but we really don't need to be spreading Myles unique form of nonsense especially considering the guy is over-exposed on his own blog and a few other humourously named sites.

WJM said...

More importantly: what does Shawn Graham have to say about it?

Restore 54 said...

Not everyone has forgotten about the expropriation. There are many in the Exploits Valley who are watching (and still counting the numbers!).

WJM said...

There are many in the Exploits Valley who are watching (and still counting the numbers!).

Bring back the ads! ;)

Edward G. Hollett said...

No doubt there are, Restore54 but I enjoy reminding the people here in town of what goes on in places that aren't the centre of the universe.

Plus, there are too many people who failed to appreciate the expropriation hit a lot more than Abitibi.

Restore 54 said...

True enough. This expropriation was sold as a repatriation of provincial resources, but it was far deeper than that. The grab included on-going businesses that fit into the premier's dream corp's portfolio.

The premier clearly overstepped his stated goals when he also kicked out Abitbi's hydro partners. The reasonable thing to do would have been insert Nalcor into Abitibi's place in those partnerships. But the opportunity to seize the prize assets was too tempting.

It seems that the premier got his "hate on" more as an excuse for his overarching asset grab, than any actual attempt to protect the innocent citizenry from an evil Abitibi empire!

Interesting that today's Telegram is used to further cement that attitude, by playing Kruger as the saint and Abitibi as the sinner. In truth of course, all companies are ruled by the same religion - profit! (which is the same church the premier himself worshipped in).