TORONTO - The cost of cancelling the Oakville gas-fired generating plant is an astronomical $1.1 billion, the Sun has learned.
This brings the cost to scrap the Oakville plant as well as the Mississauga one to an astonishing $1.6 billion.
In an audit report obtained by Sun Media prior to the 2 p.m. lock-up, provincial auditor Bonnie Lysyk estimates the costs of gas delivery and management services to move the plant to Napanee at $577 million.
On top of that, are the costs of reimbursing Trans Canada Energy, the company building the plant, for its initial purchase of gas turbines for the Oakville plant and modifications totallying $36 million, as well as ECE's sunk costs and legal fees are are estimated at $253 million.
Other costs incurred to break the deal include $577 million for the cost of gas delivery and management services for the Napanee plant; $43 million for gas and hydro connections for the Napanee plant; additional gas for less efficient turbines - $35 million; Transmission system upgrades - $81 million; line losses for the distance power has to travel from Napanee - $32 million; replacement power beginning in 2017 - $91 million.
Oakville gas plant cancellation cost $1.1 billion | Ontario | News | Toronto Sun
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Burning the money could have heated more homes I reckon.
This brings the cost to scrap the Oakville plant as well as the Mississauga one to an astonishing $1.6 billion.
In an audit report obtained by Sun Media prior to the 2 p.m. lock-up, provincial auditor Bonnie Lysyk estimates the costs of gas delivery and management services to move the plant to Napanee at $577 million.
On top of that, are the costs of reimbursing Trans Canada Energy, the company building the plant, for its initial purchase of gas turbines for the Oakville plant and modifications totallying $36 million, as well as ECE's sunk costs and legal fees are are estimated at $253 million.
Other costs incurred to break the deal include $577 million for the cost of gas delivery and management services for the Napanee plant; $43 million for gas and hydro connections for the Napanee plant; additional gas for less efficient turbines - $35 million; Transmission system upgrades - $81 million; line losses for the distance power has to travel from Napanee - $32 million; replacement power beginning in 2017 - $91 million.
Oakville gas plant cancellation cost $1.1 billion | Ontario | News | Toronto Sun
***
Burning the money could have heated more homes I reckon.