Two huge companies are getting $6.3 million in federal tax money to support their planned tidal project in the Minas Passage near Parrsboro.
The lucky recipients are tidal developer OpenHydro, now owned by the French giant DCNS Group, one of Europe’s biggest naval shipbuilders, and Emera Inc., the proud parent of Nova Scotia Power.
The companies are partners in Cape Sharp Tidal which plans to install a pair of two megawatt turbines at the FORCE site this fall. The 16-metre turbines are being built in partnership with Irving Shipbuilding, itself the lucky recipient of a $260 million “forgiveable” loan from Nova Scotia taxpayers in 2012. As Frank Magazine reported at the time: “Forgiveable, meaning, you know, it’s on us.”
A federal news release claims the Cape Sharp Tidal project will produce electricity at a cost of 14.7 cents per kilowatt hour by 2020. That seems unlikely given that 15-year rates for tidal turbines at the FORCE site, set by the Nova Scotia Utility and Review Board, average 47.5 cents per kilowatt hour — more than three times the rate that home electricity users pay today.