Thursday June 4, 2015

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Editorial cartoon by Graeme MacKay, The Hamilton Spectator - Thursday June 4, 2015 Liberals pass Ontario budget, clearing way for privatization of Hydro One Ontario's Liberal government used its majority Wednesday to pass the omnibus budget bill, which clears the way for the sale of Hydro One, the huge transmission utility. The government hopes to raise $9 billion by selling 60 per cent of Hydro One, starting with 15 per cent this year, and will use $5 billion to pay down hydro debt and $4 billion on public transit and infrastructure projects. "This was a difficult decision, but it is the right decision because if we do not do this, we cannot make the investments in transit and transportation infrastructure," Premier Kathleen Wynne told the legislature. The Progressive Conservatives and NDP warned electricity prices will rise, the government will lose control of Hydro One and legislative watchdogs like the ombudsman and auditor general will lose oversight of the utility. "You may think you're helping yourself politically by removing this oversight, in reality, without these checks, you will become more arrogant, more reckless, which will lead to even greater scandals," warned PC energy critic John Yakabuski. "Will you not save yourself from your party's own hubris and allow the auditor general and the ombudsman to continue to investigate Hydro One?" Wynne said the Liberals took steps to protect the public by ensuring that no one individual will own more than 10 per cent of Hydro One, that the Ontario Energy Board will continue to set prices, and that the government would retain control of the utility by owning at least 40 per cent. (Source: Chronicle Journal) http://www.chroniclejournal.com/news/national/liberals-pass-ontario-budget-clearing-way-for-privatization-of-hydro/article_9043d631-9625-5e67-84d6-744dd0cc0ee6.html Ontario, Kathleen Wynne, Hamilton, LRT, transit, Hydro, Hydo One, privatization, sell, robin hood

Editorial cartoon by Graeme MacKay, The Hamilton Spectator – Thursday June 4, 2015

Liberals pass Ontario budget, clearing way for privatization of Hydro One

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator - Saturday October 31, 2015 ÔItÕs going,Õ Kathleen Wynne says of the looming sale of Hydro One despite watchdog warning ItÕs Òfull steam aheadÓ with the Liberal governmentÕs sell-off of Hydro One despite a damaging report from the budget watchdog warning the sale will hurt the provinceÕs bottom line. Premier Kathleen Wynne said she is sticking to her plan to unload 60 per cent of the utility in order to bankroll transportation infrastructure. ÒItÕs going,Ó Wynne said firmly on Thursday in Niagara-on-the-Lake. As first disclosed by the Star, Stephen LeClair, the new financial accountability officer, warned the province will be in even ÒworseÓ shape after the sale of the Crown utility. In a report to the legislature, LeClair said there is much ÒuncertaintyÓ surrounding the sale of the electricity transmitter. His findings landed the same day the government announced the first tranche of 89 million shares of Hydro One Ñ 15 per cent of the company Ñ will begin being sold next Thursday on the Toronto Stock Exchange for $20.50 apiece, generating $1.83 billion. ÒWe are pleased to announce that 40 per cent of shares are being reserved for retail investors, so individual Ontarians can participate in the IPO,Ó said Energy Minister Bob Chiarelli. Both the Progressive Conservatives and New Democrats are imploring the Liberals not to sell such a valuable public asset. ÒThis government has known all along that the most they could get was limited new money on the fire sale of Hydro One . . . while you lose an asset that brings in $700 million each and every year,Ó said Progressive Conservative Leader Patrick Brown. NDP Leader Andrea Horwath echoed BrownÕs assessment. ÒThis is a terrible deal and it makes no sense whatsoever. Will the premier and her government stop this insane sell-off of Hydro One?Ó she said. LeClair warned the LiberalsÕ move would increase the provincial debt by reducing revenue. ÒIn th

Ontario’s Liberal government used its majority Wednesday to pass the omnibus budget bill, which clears the way for the sale of Hydro One, the huge transmission utility.

The government hopes to raise $9 billion by selling 60 per cent of Hydro One, starting with 15 per cent this year, and will use $5 billion to pay down hydro debt and $4 billion on public transit and infrastructure projects.

The LRT waiting game gallery

The LRT waiting game gallery

“This was a difficult decision, but it is the right decision because if we do not do this, we cannot make the investments in transit and transportation infrastructure,” Premier Kathleen Wynne told the legislature.

The Progressive Conservatives and NDP warned electricity prices will rise, the government will lose control of Hydro One and legislative watchdogs like the ombudsman and auditor general will lose oversight of the utility.

“You may think you’re helping yourself politically by removing this oversight, in reality, without these checks, you will become more arrogant, more reckless, which will lead to even greater scandals,” warned PC energy critic John Yakabuski. “Will you not save yourself from your party’s own hubris and allow the auditor general and the ombudsman to continue to investigate Hydro One?”

Wynne said the Liberals took steps to protect the public by ensuring that no one individual will own more than 10 per cent of Hydro One, that the Ontario Energy Board will continue to set prices, and that the government would retain control of the utility by owning at least 40 per cent. (Source: Chronicle Journal)