The sale of Hydro One by the Wynne government will cost the Ontario treasury $338.8 million/yr. according to a new report.
A new report is warning that the partial sale of Hydro One will place Ontario’s future fiscal health in jeopardy.
The report is authored by economists David Peters and Douglas Peters and was prepared for the Canadian Union of Public Employees (CUPE). It claims that selling 60 per cent of Hydro One as the government has proposed, would come at a cost of $338.8 million every year to the Ontario treasury.
“The electricity transmission and distribution business has been publicly owned and operated successfully in Ontario for nearly a century. It was not appropriate to sell the electricity business to outside investors in the past, and we do not believe it is appropriate for the Province of Ontario to sell it now,” co-author Douglas Peters said. Continue reading
Ontario Liberal budget confirms the sale of Hydro One and tightens health, education spending..
The behind-the-scenes influence of big business in politics was never so evident than it was in the tabling of the 2015 Ontario budget on Thursday.
Two glaring examples stand out in the budget: 1) the 60% sell-off of government-owned Hydro One; and 2) the unwillingness of the Wynne Liberal government to reverse the McGuinty Corporate Tax reductions that are costing the Ontario treasury $2.5 billion annually.
First, some numbers from the budget.
The Hydro One sale is expected to generate about $9 billion, $5 billion of which will be used to pay hydro debt, with the remaining $4 billion to be allocated to transit and other infrastructure projects. Continue reading
The decision by the Ontario Government to take the advice of former T.D. Bank head Ed Clark to privatize 60% of Hydro One will benefit a tight-knit group of Bay St. insiders.
In early April, Bruce Bodden was appointed to the board of Infrastructure Ontario.
The name will mean little to the vast majority of Ontarians but in light of Ontario’s decision to take the advice of former T.D. Bank head Ed Clark and privatize 60% of Hydro One, it should.
To understand the connection between the Hydro One privatization and the appointment of Mr. Bodden to the Infrastructure Ontario (IO) board, one first has to understand the role that IO plays in the privatization “industry”.
Infrastructure Ontario is the provincial body that tenders and oversees the development of P3 (public-private-partnership) infrastructure projects for the Government of Ontario. Continue reading
Taking the advice of former TD Bank head Ed Clark, Ontario’s Liberal government will sell off government-owned Hydro One in two separate initiatives.
Taking the advice of former TD Bank head Ed Clark and other Bay St. interests, Ontario’s Liberal government will sell off Hydro One in two separate initiatives.
The details were announced yesterday and will be further fleshed out in upcoming legislation.
Hydro One is the government-owned transmission company responsible for operating the Ontario electricity grid. It also operates a separate distribution business – the local wires that connect hydro users to the grid.
In the first privatization initiative, the government will sell off 60 per cent of the province’s $15-billion Hydro One transmission utility.
In the second initiative, Hydro One’s Brampton distribution operations will be sold off to neighbouring local utilities. Continue reading
Beer Store changes and Hydro sell-offs will feature prominently when Ontario Finance Minister Charles Sousa tables his 2015 budget on April 23.
The Wynne government will introduce its 2015 Ontario budget on April 23. The budget will focus on plans for hydro asset sales and changes to Ontario’s alcohol retail system, Ontario Finance Minister Charles Sousa said Tuesday.
Ontario’s budget will be tabled just two days after the federal fiscal plan is tabled in Ottawa.
A panel chaired by Ed Clark, former CEO of TD Bank Group, is looking at the private Beer Store and public assets such as Hydro One and the Ontario Liquor Control Board. Its report will be released Thursday.
The Liberal government has been clear for months that change is coming to Ontario’s alcohol distribution system and, in particular the Beer Store, a foreign-owned, near-monopoly. Continue reading
Ontario Liberal Government to privatize Hydro One resulting in higher rates for Ontarians.
The Ontario Liberal government, taking the advice of a council led by former TD Bank head Ed Clark, is examining at least two privatization options for Hydro One.
Hydro One is the government-owned transmission company responsible for operating the Ontario electricity grid. However, it also operates a large distribution business – the local wires that connect hydro users to the grid.
The first privatization option, unveiled by Mr. Clark last fall, would see Hydro One’s local distribution networks sold while its transmission business remains under provincial government ownership. This option is thought to offer the best opportunity for the long sought after consolidation of Ontario’s fragmented distribution sector.
The second privatization option would keep Hydro One intact and sell an equity stake on the stock market, starting with a 10-to 15-per-cent initial public offering (IPO). Continue reading
Ontario’s $2 billion smart meter program for hydro utilities has delivered few benefits for double the original cost, says Ontario’s Auditor-General Bonnie Lysyk.
Ontario’s $2 billion smart meter program for hydro utilities has delivered few benefits for the hefty cost, says Ontario’s Auditor-General Bonnie Lysyk.
In fact, one in six of the 4.8 million meters have not yet transmitted any readings, she found.
And Lysyk took the occasion of her probe of the smart meter program to take a swipe at energy bureaucrats for plunging into the system without proper planning, and making it impossible for consumers to understands their rising hydro bills.
Lysyk took a special jab at Hydro One, which she said incurred about 50 per cent of the cost of the smart meter program — but installed only 25 per cent of the meters. Hydro One is the local distributor in charge of smart meters in Brampton and in much of rural Ontario. Continue reading