Olds-Didsbury-Three Hills Wildrose MLA Bruce Rowe says he remains skeptical despite assurances from AltaLink officials that the proposed sale of the company to American interests will have no negative impacts on consumers.
Rowe and fellow Wildrose MLA Jason Hale recently met with AltaLink officials to discuss the proposed sale.
“They assure us that nothing is going to change and all the profits are going to stay within Alberta,” Rowe told the Gazette. “I'm very skeptical about it. Warren Buffett didn't make his billions of dollars by leaving profits on the table, so I'm very concerned about it.
“I'm not sure what's going to happen now that the feds seem to have approved it. I think it will probably go through and we'll have to see what happens after that. AltaLink is assuring us that it is not going to change things at all.
“I don't see a person like Buffett leaving profits on the table. To leave them here in Alberta, how does that help Mr. Buffett and his businesses? It doesn't ring true.”
Berkshire Hathaway Energy plans to purchase AltaLink for an estimated $3.2 billion US, with the regulatory process expected to be completed by late 2014 or early 2015.
AltaLink is the largest regulated energy transmission company in Alberta, with about 12,000 kilometres of transmission lines, including in West Central Alberta.
Berkshire Hathaway Energy is a consolidated subsidiary of Berkshire Hathaway, which is majority owned by billionaire Warren Buffet.
The Harper government announced last month that the proposed sale had been approved under the Investment Canada Act. The sale was also recently approved by the federal competition bureau.
Approval by the Alberta Utilities Commission must also be obtained for the sale to go through.
Wild Rose Conservative MP Blake Richards says he is confident that the federal reviews will ensure the sale will have “long-term benefits for the economy.”
“Investment is a good thing for Canada,” said Richards. “When they (federal competition bureau) look at these things they are always looking at the impact on jobs and the prosperity of the economy. It is a rigorous process that I respect. They've done their due diligence.”
Like MLA Rowe, NDP MLA David Eggen has concerns with the proposed sale.
“The New Democrats believe this sale is not fair to Albertans,” Eggen said in a press release. “Our transmission system should not be an internationally traded commodity. Electricity is an essential service and it should be operated by Albertans.
“This deal will allow an American company to reap the benefits of utility lines paid for by Albertans, and will likely drive up electricity prices. We will continue to oppose the sale and call on the Alberta Utilities Commission to hold public hearings on this sale.”
On July 25 provincial cabinet ministers Cal Dallas and Diana McQueen issued the following statement regarding the proposed sale:
“The approval from Industry Canada on the sale of AltaLink, from a Quebec-based company to an Alberta-based company, is one step in a review process that ensures Alberta's interests and needs are reflected.
“The government of Alberta is committed to protecting Alberta consumers. The proposed sale is still under review by the independent Alberta Utilities Commission to ensure there is no negative impact on rates, reliability and overall service.”
