PowerStream项目 电力消费者收益甚微

 

 

首先我要声明的是，我强烈反对该项合并交易。

First, I must declare that I was actively engaged in opposing this merger.

 

尽管万锦市政人员明言“从投资的角度来看市政人员无法推荐该交易项目”，但万锦市议会在2015年11月19日仍以7票对6票批准该项合并交易。如果合并交易顺利完成，协同效应如期实现，在六年后所用用户平均每年可节省$40元电费，居民电费账单每年可减少$24-30元（约占分销电费账单的5-9%）。很显然，这是一项收益潜力甚微的高风险投资。

On Nov 19, 2015 the City Council of Markham voted 7-6 to proceed with this project despite of the conclusion of City Staff that “The Transaction cannot be recommended by City staff solely on an investment basis”. If synergies can be achieved as planned, then an average savings of $40/year for all customers and $24-30/year for residential utility bills (5-9% of the distribution portion of the bill) after year six of the transaction will be realised. Meaning - a high risk venture with minimal gain potentials.

 

万锦市是最后一个就该合并交易进行表决的市府，如果市议会将其否决，整个计划就会土崩瓦解。在投票当晚，多位市长以及合并交易合伙公司的高管都亲临议会厅，这让市议员们倍感压力。 

Markham was the last municipality to vote on this merger and if it had voted “no”, the whole project would have collapsed. On the voting night, undue pressure was brought to bear at the Council chamber with the presence of various Mayors and executives from the merging partners.

 

实际上，万锦市府也对PowerStream项目附加了若干条件，其中包括：
There are actually a number of conditions attached to Powerstream’s participation. Among them:

保留Powerstream的太阳能发电业务，但是对其实施“圈护”，以确保Powerstream的原东家继续享受所有股利和股权增益，而MergeCo则得不到任何利益。

Solar power business will still be a part of Powerstream, but “ringfenced” so that all the dividends and equity growth still go to Powerstream’s original owners, not MergeCo.  

通过成功出售Powerstream10%股权，最大限度地完成$4730万元股权注资。

Through the successful sale of 10% of Powerstream shares, achieve the maximum equity contribution of $47.3 Million. 

上述两个问题并无关联。如果万锦市府愿意，它可以进行更多股权注资，但是这样一来居民就很容易看到更加惊人的投资数字，并且有可能心生抱怨。债务是隐藏的。实际上筹措$4730万元资金的方法有很多，但是万锦市府为了尽量减少所需的实际现金量，最终决定采取上述做法。

These 2 issues above are not linked. The equity could even be higher if the City wanted it, but residents would easily see a bigger number and they may complain. Debt is hidden. There are many ways to fund the $47.3 million. The City is trying to reduce the actual cash needed so they decided to work with this figure.

 

在此次市议会会议上，人们也首次获悉在合伙公司的四名现任执行长中，至少有一人将会离职，还有两人则需更换岗位。此外，据称Powerstream的执行长将会担任被临时命名为“MergeCo”的新合并公司的执行长，但是目前尚无法证实这一消息是否属实。

During that meeting, it was revealed for the first time that out of the existing four CEO’s from the merging partners, at least one will be dismissed and two may have to take on different positions. While this cannot be confirmed or denied, the CEO from Powerstream may become the new CEO of the final company temporarily named “MergeCo”.

 

Powerstream执行长提供的财务数据与万锦市府行政总监Andy Taylor所编制的数据相去甚远。此外，与会者对合并交易带来的直接收益也是说法不一令人困惑，有人说每月电费可因此节省$26元，也有人说是每年电费可节省$26元，更有甚者说每名商业用户每年可节省$2.6万元电费。市政人员从其顾问处获取的确切数据如下：

There were major differences between financial figures supplied by the Powerstream CEO over those of the ones prepared by the City’s CAO Andy Taylor. There was also confusion from the attendees on the direct benefits to their bills. We heard $26 dollars per month, $26 per year, and even $26000 per year for each business user. The facts provided by the City Staff with input from their consultants were as follows:

 

1）316,765名居民用户的电费账单每年可减少$24.56元。

1) 316,765 residential clients will get $24.56 per year of reduction from their bills.

 

2）31,856名用电量低于50千瓦的商业用户每年可节省$69.73元电费开支。Powerstream的执行长已经明确表示，“典型”的餐馆生意将会纳入此类用户。

2) 31,856 business clients using less than 50KW will get back $69.73 per year. It was clarified by the Powerstream CEO that a “typical” restaurant will fall under this category.

3）4,789名用电量介于50千瓦至4,999千瓦的商业用户每年最多可节省“高达”$873.54元的电费开支，但是其中大部分用户都与这最大收益相距甚远。

3) 4,789 bu$873.54siness clients using between 50KW to 4,999KW will get back “up to” $873.54 per year maximum, many of them will get way less than that maximum amount.

 

4）2名“大型”用户每年可各自节省$13751.59元电费开支。

4) 2 “large” users will get $13751.59 per year each.

 

从中我们可以清楚地看到，即便削减17%营运及资本成本的协同效应在六年后得以实现，绝大多数用户也是收益甚微。

As we can see, a majority of the users are getting minimal reductions after six years if the synergies of 17% reduction in operations and capital costs are achieved.

 

安省政府为该项合并交易保驾护航并不出人意料，因为该交易可让省府在Hydro One的IPO（首次公开募股）之外再获得$6.07亿元现金。至少有两名区域议员曾因此与安省内阁厅长会面或交谈，还有一名区域议员则是遭到一位匿名人士的威逼，对方称会让他连任机会不保。

There were involvements from the provincial government in securing the merger that will bring them $607 million outside of the IPO of Hydro One. At least two Regional Councillors met or spoke to a Provincial Minister and one Regional Councillor was “intimidated” by an undisclosed person, threatening him with hurting his chances of re-election next time.

 

如果万锦市府的附加条件得以满足，该项合并交易将会继续推进，但是其仍有待安省能源局在明年进行审批。

The Merger will now proceed when Markham’s extra conditions are met. It will still have to be approved by the Ontario Energy Board (OEB) next year.