Abstract
Overinvestment has been a new and common characteristic of most electric utilities in the past few decades. This has led to overcapacity which has been translated into serious economic costs. Costs to society as a whole are more difficult to pinpoint but are nevertheless real and widespread. In the case of the James Bay hydroelectric project in Quebec the consequences of overinvestment have been felt deeply throughout the energy sector as well as in the rest of the economy, and they may be threatening the financial health and the reputation of the utility itself. Environmental impacts are also severe, although they are mentioned only briefly in this paper.
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