In the town’s disingenuous press release (really just a sales pitch for EPOCR) about its obsessive drive to privatize our utility services, it has this paragraph:
The Town’s RFP process solicited proposals from a wide range of potentially interested parties that could maximize the value of the Town’s remaining investment in Collingwood PowerStream Utility Services Corp. Given the terms of the existing Shareholder’s Agreement with PowerStream entered into by the previous Council, the Town has very limited options regarding how it may monetize its remaining 50% investment in the local electricity distribution company.
Monetize a public asset? Since when was that the policy? It wasn’t even raised during the election; it’s something The Block cooked up in one of their secret meetings. The very notion of “monetizing” a public asset is some American Ayn-Rand-libertarian wet dream, a wacky laissez-faire approach to enrich corporate interests that has nothing to do with standard business or professional practices of any Canadian municipality I know of.
Privatization of public assets was big in the USA, with poorly-run and inefficient municipalities thinking they could buy their way out of debt by selling everything they could. The result has not solved anything, but instead created an Orwellian nightmare where the residents are in thrall to profiteering private corporations that control their services, utilities, recreation and police while being told they are freed from the responsibility to run them.
(Let’s see… what poorly run, inefficient Canadian municipality with a myopic council comes to mind? Ah, I see…)
But what does monetize really mean? It sounds like something that makes a profit, an investment that gives us increasing dividends – but that isn’t true. It simply means selling what we own. You can’t hide that behind another word. We will be selling our water and wastewater services. And not even to the highest bidder: it will be sold to the already-anointed one. And once sold, it’s gone for good. And if we wanted dividends, The Block would have stayed with PowerStream rather than engage in its two-year witch hunt that killed the annual dividend from the utility.
(Just think of the public outcry that arose over privatizing Hydro One).
And yes, the town had “very limited options” because it’s a partnership. Clearly the author of that dreck doesn’t understand what a partnership means. You know: working together towards common goals, that sort of thing.
Fifty percent of the utility was sold to PowerStream. The goal of that sale was stated in public: to enhance customer service, create better efficiencies in billing and service but to maintain control over the service and rates. Selling more would meaning losing that control. No one who was interested in partnering submitted a bit for less than 50%. So of course you have “limited options.” That isn’t a bad thing: it’s GOOD because selling those controls is incredibly selfish, shortsighted and stupid.
But that’s The Block for you.
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