LETTER: Benefits of Woodfibre LNG overblown

Larry Miller says Woodfibre LNG will cost more money than it makes.

The recent announcement an LNG plant will be built on Howe Sound appears to be good news, certainly for the jobs and long-term economic benefits of BC. But is it?

Although not covered in the article (“Woodfibre LNG to be first LNG plant built in B.C.,” NDR vol.19, Nov. 10), the hydro electric power offered has been reported to be at the rate of 5.3 cents per KWh (reduced from over 8 cents per KWh).

This is about half of the loaded rate (inclusive of all taxes, fees and delivery) available to the average home owner in BC. Has the Premier agreed to subsidize this operation to make it financially viable?

It has also been reported the market price of LNG is about $7 per million BTU, while even with reduced power costs, the Woodfibre operation will cost over $10 per million BTU. Who are “we” selling this expensive LNG to?

Larry Miller, via email