Takuechi Finance Takuechi Finance
Follow us on Twitter Follow us on LinkedIn Follow us on Instagram
Daily construction news
Weekly equipment news

Construction News

Mon April 23 2018

Related Information
Related Information
Related Information
Related Information

News » Canada » Decision taken on troubled BC hydro project » published 15 Dec 2017

Decision taken on troubled BC hydro project

Construction of the troubled Site C hydroelectric project in British Columbia is to be completed by the provincial government.

The BC government said that to do otherwise would put British Columbians on the hook for an immediate and unavoidable CA$4bn bill – with nothing in return.

Based on current projections, BC Hydro has revised the budget to CA$10.7bn.

“Megaproject mismanagement by the old government has left BC in a terrible situation,” said Premier John Horgan. “But we cannot punish British Columbians for those mistakes, and we can’t change the past. We can only make the best decision for the future. It’s clear that Site C should never have been started. But to cancel it would add billions to the orovince’s debt – putting at risk our ability to deliver housing, child care, schools and hospitals for families across BC.”

Had the government decided to cancel Site C, it would have taken on the project’s CA$3.9bn in debt, made up of CA$2.1bn already spent and another CA$1.8bn in remediation costs.

A report published in November had set out options for the project (link opens in new tab).

Horgan said that in moving forward with the project, his government will launch a Site C turnaround plan.



Download our free construction news iPhone / iPad app. Sign up to our FREE email newsletters or subscribe to our RSS feed for regular updates on the latest Construction News, Equipment News, & Contract News. The Construction Index also provides the latest Construction Tenders, Construction Market Data & Construction Law Commentary all FREE.

This article was published on 15 Dec 2017 (last updated on 18 Dec 2017).

More News Channels