Tonight, DCP Midstream had two hours to present their project to the planning board at the public hearings. TBNT has all along been asking for a 3-D scale model of the project. What we saw tonight was a PowerPoint demonstration which took photos from the June balloon test and showed them alongside other photos which had “dimension” added. Two Points: this was NOT a 3-D model (I must have left my 3-D glasses at home) and whether they were to scale or accurate is highly subjective. A TBNT member has created a scale model and it is on display at 33 East Main St. in Searsport. Please come have a look.
We heard from DCP Midstream’s Senior VP of Marketing, Don Baldridge. He told us that there are fluctuations in the propane market now and the current margin is at a dollar; that is propane is now selling for a dollar more in Europe and overseas than here in the US. TBNT and IIT Attorney Steve Hinchman did an excellent job of questioning DCP’s personnel and consultants—asking questions about liability and corporate ring fencing and also the possibility the project will be turned into an export terminal. Baldridge held tight to his answer that there are market fluctuations and that in two years that it will take for construction the markets may change and it “may” be profitable to import LPG. Later in the evening, interested party member David Italiaander brought forward the common knowledge that there is a huge glut of propane in the East and with hydrofracking there will continue to be ample supplies of gas for years if not decades to come. He stated it in no uncertain terms, ‘just how many years does DCP plan on losing $120 million dollars a year importing propane before they anticipate making a profit? We heard the DCP SVP give the same answer. A good piece on this topic appears in today’s Portland Press Herald. Please check it out when you have a moment.
Wednesday will be dedicated to the Fannon economic impact report and interested party presentations. Please read a copy of this report here and please submit any questions you may have.
Here is a link to MPBN’s story on the mega-tank hearings:
We anticipate the hearings extending to Friday night. Again, if you did come, again, thank you. If not, please come. There have been good crowds but we still want all the seats filled and don’t forget to wear your “No Thanks” stickers (free for all TBNT members and friends) or pins and as always keep a respectful tone. See you there.