Increased uncertainty for GSX and VIGP

In a speech in Nanaimo this morning, BC Hydro CEO Bob Elton announced that Hydro has opted to write down $120 million in sunk costs for GSX and VIGP. Elton cautioned that this does not prejudge the outcome of the Call for Tenders process, nor that either GSX or VIGP is dead. But subtitles in the news release included the phrase “increased uncertainty for GSX and VIGP”.

From the news release:

Increasing energy certainty on Vancouver Island good news for customers

NANAIMO – In a speech [PDF, 36 Kb] to the Nanaimo business community this morning, BC Hydro President and CEO Bob Elton discussed developments related to Vancouver Island energy supply, including the progress of the current Call for Tender process and potential impacts of the proposed Vancouver Island Generation (VIGP) and Georgia Strait Crossing (GSX) projects.

BC Hydro news release

Bob Elton’s speech

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