BC pipeline operator slashes and defers maintenance spending.
Kinder Morgan is a titan in the North American energy sector and a
major player in Northwest fossil fuel shipments. The firm was the author
of a failed scheme to export huge volumes of coal on the Columbia River in Oregon, and it is lobbying heavily to triple its oil pipeline through British Columbia in a bid to move more tar sands oil to Washington refineries and Asian markets.
It is also, as Sightline has documented, a dangerous and irresponsible company with a clear history of law breaking, deceit, and pollution.
Last week, a financial research firm, Hedgeye, released a scathing report on Kinder Morgan that supports many of Sightline’s conclusions. Aptly titled Is Kinder Morgan Maintaining its Stock Prices Instead of its Assets? (no longer available online), the report is mainly concerned with Kinder Morgan’s books, but it includes a few bombshells that should worry the public.
Consider just this sampling from the summary section:
It is also, as Sightline has documented, a dangerous and irresponsible company with a clear history of law breaking, deceit, and pollution.
Last week, a financial research firm, Hedgeye, released a scathing report on Kinder Morgan that supports many of Sightline’s conclusions. Aptly titled Is Kinder Morgan Maintaining its Stock Prices Instead of its Assets? (no longer available online), the report is mainly concerned with Kinder Morgan’s books, but it includes a few bombshells that should worry the public.
Consider just this sampling from the summary section:
We believe that Kinder Morgan’s high-level business strategy is to starve its pipelines and related infrastructure of routine maintenance spending in order to maximize Distributable Cash Flow…And:
A broader, and more important concern is the reliability and safety of Kinder Morgan’s pipeline’s. In 2012, Kinder Morgan acquired El Paso, then the largest natural gas pipeline company in the US, in a +$30B deal; Kinder Morgan has already cut maintenance expenses by 70-99% and maintenance [capital expenditures] by ~60% on most of those assets. In our view, it is alarming that Kinder Morgan supporters believe that this is a sound business practice.The report goes on to detail specific maintenance spending deferrals, and it enumerates a few of the mishaps—some of them deadly—that Kinder Morgan’s pipelines have suffered in recent years.
The Hedgeye analysis made waves in the investment community. It also came in for a bit of a drubbing from company boosters (here’s some of the back and forth) and I’m certainly in no position to weigh in on the accuracy of the report’s assertions about finance. Yet we do know that the report is consistent with Kinder Morgan’s well-documented track record of law-breaking, pollution, and cover-ups.
You can find more Sightline research on Kinder Morgan here:
13 comments:
Frightening.
Can't believe there are no comments on the pipeline!!!! This would have a major impact on Winchester and the town does not benefit nor will any property owners in its path get rich as some think. So many people seem to be ho hum about it. wrong!!!! Do your homework folks. Time is running out to let town hall know. From what is being said the BOS are not doing theirs on the subject
You know that old saying about leading a horse to water; but you can't make him drink .. The majority of people here in Winchester, the ones who don't vote or get involved with anything to do with the town in which they live, seem to be living in some type of kool-aid fueled fantasy world where nothing effects them or their children and all that glitters is gold .. so sad. Perhaps when their land is taken or there is a rupture or an explosion that takes property or worse,lives, some will wake up and smell the coffee .. though I doubt even a catastrophe would rattle some.
As for our BOS,oh you can put money on it that they have investigated what's in it for them, don't be fooled by their non-actions or comments, it's how they lull everyone to sleep.
I started a page on Facebook titled Winchester NH Gas Pipeline. The purpose of it to to keep everyone up to date on the proposed pipeline coming through the town. You are all welcome to join the discussion there as well.
Are you a member of the conservation committee? There was a comment on another topic of this pipeline business that someone made about Gus and Irene Ruth and the conservation commission and why they had a facebook page instead of putting the information up on the town website. I know a lot of us don't fuss with that facebook stuff and wouldn't even know where to start. Why not give your information to these informers so they can put it here for us to read? Lots of folks from town read this news here.
I check out the Informer everyday and I don't do Facebook, so if there is something I should know, it would have to be here,
Statement posted on line:
The Winchester Conservation Commission met on February 19th. The major topic of discussion was the proposed natural gas pipeline. Members had previously been asked to present their thoughts and opinions in order to compile a formal statement by the Commission. Our board is an advisory commission only, and we agreed that our advice would support our mission statement; “ The mission of the Winchester Conservation Commission is to ensure the proper use and protection of all rural resources within the town including our lakes and watershed resources, rivers and aquifer. “
Following the intent of our mission statement, the commission unanimously agreed that the pipeline is not in the best interest of Winchester. A motion was passed that the commission would draft a letter to FERC stating our stand on the approval of a pipeline in Winchester. The letter will express concerns that the commission has about the impact the pipeline would have on our town and that the proposed route not go through Winchester. We will research the areas involved, describe our findings, include information from townspeople when appropriate, and describe in great detail the reasons we recommend moving the pipeline away from certain areas ( that the proposed route be diverted)
A sub committee was set up to draft the letter and support documents demonstrate the importance of diverting the pipeline from its present route. The letter will be sent during the Environmental Scoping process.
from Bonnie Leveille, Secretary of WCC...
The text below is the official and final statement as posted on our Facebook page and was also requested to be posted at town hall and on the town website as we submit each month for our minutes. The post previously posted above was an edit but not the final text.
The Winchester Conservation Commission met on February 19th. The major topic of discussion was the proposed natural gas pipeline. Members had previously been asked to present their thoughts and opinions in order to compile a formal statement by the Commission. Our board is an advisory commission only, and we agreed that our advice would support our mission statement; “ The mission of the Winchester Conservation Commission is to ensure the proper use and protection of all rural resources within the town including our lakes and watershed resources, rivers and aquifer. “
Following the intent of our mission statement, the commission unanimously agreed that the pipeline is not in the best interest of Winchester. A motion was passed that the commission would draft a letter to FERC stating our stand on the approval of a pipeline in Winchester. The letter will express concerns that the commission has about the impact the pipeline would have on our town and ask that the proposed route not go through Winchester. We will research the areas involved, describe our findings, include information from townspeople when appropriate, and describe in great detail the reasons we recommend that the proposed route be diverted from the town of Winchester.
A sub committee was set up to draft the letter and support documents to demonstrate the importance of diverting the pipeline from its present route. The letter will be sent during the Environmental Scoping process.
“ The mission of the Winchester Conservation Commission is to ensure the proper use and protection of all rural resources within the town including our lakes and watershed resources, rivers and aquifer. “
Yet we have motorcycle and automobile race tracks with participants that were photographed polluting the river. Pictures were taken of campers emptying sludge tanks and bikers power washing their bikes and dumping oil and an asphalt plant, spewing toxic chemicals not 250 feet from the same river. Which by the way provides drinking water for the town and many private wells and yet, never a peep or "formal letter" against allowing those businesses to run in town. Guess it all depends upon who's back yard these things end up in.
So where's the minutes of this meeting on the town website? hasn't been anything posted since:
Conservation Commission Minutes 09/08/14
posted; Wed, Oct 22, 2014 1:10 PM
looks to me like someone doesn't want the folks of this town informed on what our officials or committees are actually doing.
This isn't the only board and/or committee not up to date either ..
"never a peep or "formal letter" against allowing those businesses to run in town."........
Bob, you know better. A formal letter and a lease to address your issues were put in place. But only the BOS can enforce any of it. And it applies to the pipeline as well and then even the state can't stop the feds. All the townspeople can do is speak up.
And therein lies the problem, getting the people in this town to do anything constructive to stop a project that could be so destructive to their lives. They only care about the things that affect them personally and as far as our selectboard goes, well we all know how that goes or not.
Vote NO on articles 23, 24 and 25!!
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