Above: Over $50 million to be paid to Avista Executives
Would you allow a foreign country to purchase 13 hydroelectric dams in the Pacific Northwest?
There is a purchase of that number of our dams, the control of our water flows, electric and natural gas distribution to a foreign company in the works RIGHT NOW.
Avista, one of the largest producers of electric and gas is on the chopping block and it and all its numerous subsidiaries are attempting to sell the citizens out. These resources are to be sold to a Canadian company, Hydro One, a mismanaged and debt-ridden company. They have put its majority shareholder, the Province of Ontario into debt to the tune of $325 BILLION and counting. It appears that Province wants to leverage Avista’s ratepayers here in the US to pay down their debt.
They have not made public any cost-sharing formula between Avista and Hydro One. This would show how Avista customers would shoulder the Canadian company’s debt in the future. WHAT ARE THEY HIDING?
They also have in the agreements, a GOLDEN SHARE. This one person would hold a single share of preferred stock, which would allow him to vote all outstanding shares in the company and even file for bankruptcy without any oversight. WHO WILL HOLD THE GOLDEN SHARE? – The public and our group opposing this theft have asked for this information from the outset with nothing forthcoming.
Since they will not tell us, we have investigated and found a company located in Ontario named Golden Share Resources that is headed by a Chinese government front man named Nick Zeng.
Part of the sale includes 2 gold mines Avista owns in Alaska with proven reserves of a multiple of the sale price of Avista. Is this person the golden share? Why is Avista selling to Hydro One when its assets are worth multiples of the selling price?
Parker Gallant writing in Canada’s Financial Post in August of 2017 reported:
— Hydro One’s 2017 first-quarter report notes it currently has five rate applications awaiting approval by the OEB and plans to file another nine rate applications over the next four years.
— Washington, where Avista’s electricity ratepayers are located, pays the second-lowest rates of any state on average, with all-in residential rates of 9.43 cents/kWh as of April 2017. Only Louisiana can claim lower rates at an average of 9.35 cents/kWh (U.S. rates expressed in U.S. currency).
— Based on the information in Avista’s 2016 annual report, it appears the all-in cost of a kilowatt-hour delivered to its ratepayers was 8.68 cents/kWh.
— Hydro One, on the other hand, has the highest rates in Canada and in most of North America. It is difficult to see how Washington ratepayers will see any benefit from this acquisition. Based on the data supplied by Hydro One to the OEB for 2015, its average cost of a kilowatt-hour was almost double Avista’s at 17 cents/kWh.
The comparison of Hydro One’s electric rates to Avista’s rates is like comparing apples and melons. Hydro One utilizes time of use metering. If you use electricity during peak periods, you could pay as much as 30 cents per kwhr during peak demand, over 4 times Avista’s rates. Don’t be fooled.
Gallant’s report doesn’t even mention that unfortunate Hydro One customers were also burdened with an additional 70% fee to pay for the carbon credit scam know as cap and trade which the new Premier of Ontario, Doug Ford has impressively cancelled, but Canada’s Prime Minister Trudeau has vowed to offset with a new national carbon credit tax.
Should he pull that off, as an entity of Canada, Ontario could be expected to extend that scam here in America.
The biggest concern Avista ratepayers should have should be a genuine concern for our sovereignty. We should not be under the thumb of any other nation’s control. This is America, the land of the free, not a subject of any other nation.
We have formed the AVISTACUSTOMERGROUP.ORG to fight and stop this bold theft.
We have forced the Idaho PUC to start the process for approval of this sale over again, and Washington State regulators have also pushed back and will start the public involvement by comments and public meeting as has Idaho.
We need to comment and attend all meetings and let the PUC commissioners and our elected officials on all levels of government know we do not want to be sold out by the Avista execs who stand to get over $50 million dollars when the sale is completed.
You can be a part of the resistance to this theft by visiting AVISTACUSTOMERGROUP.ORG and donating to help us keep up the legal battle. WE NEED FUNDING TO FIGHT THESE THIEVES. We are fighting on numerous fronts and will continue for all our interests.
We do not want our resources and lifeblood sold to Canada or China!