[All] Line 9 and the AODP

[Louisette Lanteigne]

Hi folks
Last Month I submitted a sworn affidavit to the Liberal Cabinet regarding Line 9 issues, concerns with Enbridge and the NEB which chronicled 8 years of observations as a delegate. I didn't get a formal reply yet but it's delivered.
Last week I was contacted by a fella named Hamish Stewart who works in London England with an international, independent non profit organization called Asset Owners Disclosure Project. They analyse firms to see if they are giving reasonable disclosure of risks and to see how they intend to structure their future growth in light of climate concerns to help protect and inform sovereign funds, endowment programs and pension funds etc. 
I stated to him that the NEB had just issued Canada's Energy Future report as seen here: http://www.neb-one.gc.ca/nrg/ntgrtd/ftr/index-eng.html 

I told him how the NEB referenced WTI values (Cushing Okahoma) instead of WSC (Alberta Oil Sands) when pricing oil and the difference between the two is huge. Last year for example, WTI was priced $37.33 but WCS was only worth $22.51 according to the Government of Alberta: http://economicdashboard.albertacanada.com/EnergyPrice
I tried to file a complaint with the Competition Bureau of Canada about this but they stated it would be more appropriate if I raised the concern with the Federal MNR Minister Jim Carr which I did. The problem is, this is not proper protocol. The Minister has the duty to promote and regulate these resources whereas the Competition Bureau is supposed to be an independent investigator responsible for making sure that firms disclose risks to investors and consumers in a reasonable manner. Enbridge and the NEB are failing to do that.  The use of WTI values is misleading the people. 
I also observed how in October Alberta projected a deficit of 6.1 billion but they priced oil at $50/barrel which was totally unrealistic. My friend Economist Robyn Allen in BC literally warned the government they were being lied to regarding the values given by the NEB.http://www.nationalobserver.com/2016/01/29/news/neb-giving-bad-pipeline-advice-trudeau-economist-says

I provided Mr. Stewart with a copy of my sworn affidavit and I led him to my website regarding Line 9 fiscal concerns. https://line9fiscalconcerns.wordpress.com/2015/12/07/line-9-fiscal-concerns/?preview=true&iframe=true

We spoke at length of the banking issues, the concerns of investor fraud and how people who raise these concerns have been stonewalled. Robyn Allen and Former BC Hydro Chairman Mark Elieson all hit the same walls I did. 
Within days.  Enbridge announced that they want to move away from oil projects by 2019. http://www.nationalobserver.com/2016/02/19/news/enbridge-wants-break-its-oilsands-addiction
It sounds good but stories that were also being released include the fact the NEB has been dropping fines against Enbridge. Fines were reduced or cancelled, twice in last two weeks:  http://www.nationalobserver.com/2016/02/15/news/enbridge-convinces-pipeline-cops-cancel-more-fines
The main stream media also failed to inform people that the US EPA is delaying $40 million dollars worth of fines against Enbridge for the Kalamazoo pipeline spill.  http://insideclimatenews.org/news/19022016/EPA-Enbridge-negotating-fine-2010-Kalamazoo-river-spill-clean-water-act-dilbit
Enbridge Income Fund released their Q4 financial report and declared a profit but these fines must still be paid. Their Q4 report never once mentioned the fact there is an ongoing court case with First Nations regarding Line 9. Failure to disclose a court case risk or First Nation's opposition violates the Competitions Act. Investors deserve the right to know about this risks since it can stop the project. I filed a complaint on that with the Competition Bureau and I think that case will stick because the NEB is not directly involved with it. I hope it does anyways.   I spoke of this with Mr. Stewart as well. 
The latest story was the one that perked my ears up. The Sovereign Wealth Funds Institute's investors are projected to divest $404.3 Billion from global listed equities due to falling oil prices. http://www.businessinsider.com/sovereign-wealth-funds-selling-2016-2
It's a good time to divest!  
Lulu :0)



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