EDMONTON, AB (May 5, 2014): Alberta power consumers will soon be guaranteeing massive profits for one of the world’s wealthiest individuals once the sale of AltaLink from SNC-Lavalin to Berkshire Hathaway is finalized, the Wildrose Official Opposition said today.
Berkshire Hathaway is owned by investor Warren Buffet, consistently ranked among the world’s wealthiest people. The sale means Buffet’s company will own AltaLink’s transmission infrastructure – for which Albertans paid 100% of the costs – and inherit a handsome guaranteed annual return.
Not only were Albertans were forced to purchase expensive and unnecessary power lines for AltaLink through Bill 50, the sole-sourced contract also guaranteed the company a minimum 9% annual return on all lines built, Wildrose Leader Danielle Smith said.
“Alberta families and small businesses continue to pay more and more on their power bills and now one of the world’s wealthiest men stands to reap all the benefits,” Smith said. “This PC government has utterly failed to protect the best interests of power consumers.”
In Question Period, Wildrose Electricity Critic Joe Anglin blasted the government for allowing Alberta power consumers to repeatedly be gouged.
“Given SNC-Lavalin is going to profit $2.35 Billion thanks to Alberta’s ratepayers, and given Alberta’s ratepayers will guarantee Warren Buffet, one of the wealthiest men in the world, an annual income of 9% on all future transmission lines built, what’s in this deal for Albertans and who is looking after them?” Anglin asked.