Oct 30, 2015
By Jane Brown
Ontario’s Premier plans to go ahead with selling off Hydro One, despite a damaging report from the federal accountability officer warning the sale will hurt the province’s budget balance in the long run.
Kathleen Wynne says she’s sticking with plans to unload 60 percent of the utility in order to fund transportation infrastructure.
“The economic benefit of the investments that we’re going to make, I’m convinced that they will outweigh that long term change in the revenue,” Wynne told the Ontario Economic Summit in Niagara-on-the-Lake.
Findings by Stephen LeClair, the new financial accountability officer, suggest the Liberals move would increase the provincial debt by reducing revenue.
Energy consultant Tom Adams told Zoomer Radio’s Goldhawk Fights Back, the government’s rationale on selling off part of Hydro One to benefit the future is ironic “because the electricity ratepayers of the future are going to be holding the bag for this.”
Hydro One brings in around $750 million dollars to the provincial coffers annually, meaning the treasury stands to lose some $500 million once the majority share is sold.