The B.C. government is subsidizing the LNG industry to the tune of hundreds of millions of dollars — and British Columbians are going to pay the price, according to a new report by Sierra Club B.C.
The report, Hydro Bill Madness: The BC Government Goes For Broke With Your Money, lays out the impact of tax breaks, subsidies and reduced electricity rates negotiated by industry.
“Power subsidies to even just two or three of the proposed LNG plants could amount to hundreds of millions of dollars per year,” reads a press release accompanying the report.
Two LNG export terminals have been approved in B.C. — Petronas’ Pacific Northwest LNG on Lelu Island near Prince Rupert and the Woodfibre LNG plant in Howe Sound near Squamish. Another 18 are proposed.
Both companies have been major donors to the B.C. Liberal party, which has ruled the province for 16 years and faces an election on May 9.
Malaysian-owned Pacific Northwest LNG donated more than $18,000 to the B.C. Liberals since 2014, while Indonesian-based Woodfibre has found itself in the midst of a growing scandal over illegal donations.