To the Expositor:
Northland’s Windpower Project on McLean’s Mountain is a 43-turbine, 60 megawatt (MW) project, and the company does trading on the Toronto Stock Exchange under symbols of (TSX: NPI) (NPI.PR.A) (NPI.DB.A). It has an economic net worth of producing 1,005 MW of operating generating capacity to the electricity grid system in the provinces of Ontario, Quebec and Saskatchewan.
Northland Power Inc., also boasts a public fund, provides common shares, preferred shares, convertible debentures for noteworthy investors and stakeholders. Its board of directors, management team, had identified, and has maintained, under its current financial audited statements ended December 31, 2011 a dividend value of $1.08 per share on an annual basis, payable monthly to its shareholders and holding. Its business strategy also depends upon its operating cashflows, its potential operating cashflows to support operations from existing and advanced projects.
Under Northland’s Forward Looking Statement, the company also provides information about its future expectations and plans, but cautions the reader, “forward looking statements are predictive in nature, depend upon or refer to future events or conditions.” Meaning, EBITMA (earnings before interest, taxes, depreciation and amortization) is projected, such statements are based upon certain material factors and reasonable assumptions, such expectations are also subject to numerous risks and uncertainties. Factors that may mitigate such assumptions that could differ results from current expectations could include, but not limited too construction risks, counterparty risks, operational risks, variability of revenues from generating facilities, this information can be found in Northland’s 2010 Annual Report. Please go to www.northland.com for correct audited financial statements and full disclosure of its forward looking statement.
Despite the positive projected outlook put forward by Northland Power Inc. on renewable wind energy, the Ontario Auditor General Report of December 5, 2011, presents a different outlook citing OPA’s, OEB’s and IESO’s acknowledgement that no independent investigation had been done to examine the potential effects of policies on prices, and the report goes to say “that no professional cost/benefit analysis had been conducted to identify more cleaner, economically productive and cost effective alternatives to renewable energy and based on analysis of net exports, pricing data from IESO, they concluded that from 2005 to the end of the audit of 2011, Ontario received 1.8 Billion dollars less for its electricity costs in exports that what it actually cost electricity ratepayers of Ontario.”
If wind energy is to become the new renewable energy source for the thousands of homes and businesses on Manitoulin Island, then let’s hope that the renewable energy source will be sustainable, uninterrupted during blackouts and cost effective to the electrical ratepayer as compared to the present nuclear electrical energy we use now. Solar energy would’ve been the preferred option.
In January of 2010, the previous leadership of the Aundeck Omni Kaning First Nation passed a Band Council Resolution No. 1535, categorically opposing the “windfarm” project citing potential mitigating factors, environmental considerations, the health and safety of its members. If the current leadership has any rationalization at all, towards the expected outcome, it would respect the previous decision made by council on the matter. If the ‘community meeting’ held on Monday February 27, 2012, where only 18 participants showed an interest, does that constitute proper consultation, (where half the membership lives off-reserve) on the 50/50 partnership between Northland and UCCMM?
Understandably, there will always be two sides to any proposed development, while some may see the “windfarm” project as a notable investment opportunity, others would like to see investments made in other practical, sustainable opportunities that is cost effective and not so controversial.
Donald J. McGraw
Aundeck Omni Kaning First Nation