What is Hydro-Quebec (see https://www.hydroquebec.com/international/en/investments/)?
The spokesperson for Hydro-Quebec has had letters to the editor published in several Maine newspapers to promote the New England Clean Energy Connect project and to criticize Mainers who oppose the NECEC. It is insulting to have the spokesperson for a foreign corporation telling Maine people what is best for them. Especially when the NECEC will increase profit for Hydro-Quebec by $10 billion dollars.
Hydro-Quebec was established in April 1944 by the government of Quebec for the purpose of investing in hydro-electric projects for the benefit of the Province of Quebec. This event occurred before most people even knew what the words, climate change, meant.
Hydro-Quebec is not in the business of fighting climate change. It is in the business of selling hydro power for profit. None of the investment principles for Hydro-Quebec mention climate change. One of its investment principles is to double revenue by 2030. It must sell hydro power in the lucrative U.S. market, beginning with energy contracts with three Massachusetts utilities, thus its support for the NECEC.
Hydro-Quebec is the second largest corporation in Canada with assets of $78.6 billion dollars (CAD). It averages $2.9 billion (CAD) in net profit. When the spokesperson for Hydro-Quebec says that the NECEC will provide $258 million to Maine, remember that any monetary benefit would be spread over 40 years; and, that the environment, natural resources and economy of Maine’s western mountains and public reserved land, that will be destroyed by the NECEC, are worth at least 100 times that number.
Hydro-Quebec has destroyed the forests and environment of the Province of Quebec for the sake of profit. Now, they want to come to Maine to destroy our forests and environment.
John R. Nicholas