Taxpayers are funnelling nearly $550 million to the provincial energy corporation over a two-year period, as part of the Williams administration's vision of becoming a bigger player in the sector. The total contribution to Nalcor Energy was $319.5 million in the just-ending 2008-09 fiscal year. The province will provide Nalcor with another $228 million this coming year, according to budget documents tabled Thursday. The money is given to Nalcor "in order to facilitate its participation in oil and gas activities and other energy projects," the budget estimates note.
- Rob Antle, reporting the Telegram March 28, 2009
But the gem in the article is at the very end:
Revenues generated through Nalcor's energy stake are in addition to royalties that flow to the provincial treasury.
Actually, that's only partly correct. Afterall, one could just as easily write:
Revenues generated through Nalcor's energy stake are instead of royalties that would have otherwise flowed to the provincial treasury.
Lest we forget, we didn't get it for free.
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