Saturday, November 7, 2015

By Graeme MacKay, The Hamilton Spectator - Saturday, November 7, 2015 Five things to know about Hydro One: big revenues, big profits and big salaries Hydro One makes its debut on the TSX today, and the $1.66 billion it raised from its underwriters makes it one of the largest initial public offerings in the last 15 years. Here are five things to know about the power utility: It's huge: Hydro One owns more than 150,000 kilometres of low-voltage and high-voltage transmission and distribution lines, with 290 transmission stations and 1,026 distribution and regulating stations. The system includes more than 1.4 million smart meters attached to homes and buildings across the province. The company has about 1.4 million customers and $22.6 billion in assets, making it one of the largest transmission systems in North America. Big revenues, big profits: Hydro One made a profit of $749 million on revenues of $6.55 billion in 2014. Capital spending amounted to $1.53 billion last year. Revenue has increased by 13 per cent since 2012, and the company's net assets have increased by 15 per cent in the same period to $7.95 billion. The sun shines on its staff: More than 4,300 employees at Hydro One and its subsidiaries made Ontario's Sunshine List of those who make more than $100,000 per year on the public dime. That's out of more than 5,700 total full-time employees. CEO Carmine Marcello was one of the top-ten best paid public employees with a salary of $745,208.25 in 2015, more than three times that of Premier Kathleen Wynne at $209,385.30. After the IPO, Hydro One salaries will no longer be disclosed on the Sunshine List. Acquisitions: Hydro One already transmits and distributes around 97 per cent of Ontario's power, based on revenue, and the company has been growing its footprint by buying smaller distributors. In 2014, Hydro One completed its buyout of Norfolk Power and agreed to buy two other local power companies, Woodstock Hydro and Haldimand Hydro. Communications: H

By Graeme MacKay, The Hamilton Spectator – Saturday, November 7, 2015

Five things to know about Hydro One: big revenues, big profits and big salaries

Hydro One makes its debut on the TSX today, and the $1.66 billion it raised from its underwriters makes it one of the largest initial public offerings in the last 15 years.

Here are five things to know about the power utility:

It’s huge: Hydro One owns more than 150,000 kilometres of low-voltage and high-voltage transmission and distribution lines, with 290 transmission stations and 1,026 distribution and regulating stations. The system includes more than 1.4 million smart meters attached to homes and buildings across the province. The company has about 1.4 million customers and $22.6 billion in assets, making it one of the largest transmission systems in North America.

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

Big revenues, big profits: Hydro One made a profit of $749 million on revenues of $6.55 billion in 2014. Capital spending amounted to $1.53 billion last year. Revenue has increased by 13 per cent since 2012, and the company’s net assets have increased by 15 per cent in the same period to $7.95 billion.

The sun shines on its staff: More than 4,300 employees at Hydro One and its subsidiaries made Ontario’s Sunshine List of those who make more than $100,000 per year on the public dime. That’s out of more than 5,700 total full-time employees. CEO Carmine Marcello was one of the top-ten best paid public employees with a salary of $745,208.25 in 2015, more than three times that of Premier Kathleen Wynne at $209,385.30. After the IPO, Hydro One salaries will no longer be disclosed on the Sunshine List.

Acquisitions: Hydro One already transmits and distributes around 97 per cent of Ontario’s power, based on revenue, and the company has been growing its footprint by buying smaller distributors. In 2014, Hydro One completed its buyout of Norfolk Power and agreed to buy two other local power companies, Woodstock Hydro and Haldimand Hydro.

Communications: Hydro One’s telecom subsidiary owns a 6,000-km fibre-optic network and sells capacity to telecom carriers and commercial customers. The network includes hospitals and other health care locations across Ontario. (Source: Hamilton Spectator)