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Hydro One

Saturday, May 23, 2015

May 22, 2015 by Graeme MacKay

Saturday, May 23, 2015Editorial cartoon by Graeme MacKay, The Hamilton Spectator – Saturday, May 23, 2015

Wynne responds to Hydro One criticism: There will be oversight, she says

Ontario’s premier has defended the partial sale of Hydro One, insisting there will be oversight of the electricity utility after the government sells off up to 60 per cent of the operation.

Kathleen Wynne was responding to criticism from several provincial oversight agencies that the public would continue to own much of the utility, but not get to exercise much scrutiny over it.

Eight officers of the provincial legislature, in a public letter last week, bemoaned that the utility would become exempt from things like government audits, disclosure-of-lobbying rules and Access to Information law.

Wynne was asked about that letter in an interview during a trip to Washington, where she will speak at a public forum today after meeting with members of Congress and the Obama administration.

Wynne said companies have their own oversight models.

She suggested that will be the case when the province proceeds with the sale of 60 per cent of Hydro One, starting with an initial public offering of 15 per cent.

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“The fact is that private companies have their own oversight mechanisms,” Wynne told The Canadian Press.

“There are rules around oversight for publicly traded or private companies. And on top of that we’re going to put a Hydro ombudsman in place. We’re building in some oversight. So I actually think the oversight will be there.”

She said the government wants to create “a great Canadian company” that will provide quality service, with price controls still in place on electricity rates, but sell part of the utility to raise revenue for new infrastructure. (Source: Hamilton Spectator)

Posted in: Ontario Tagged: accountability, Beaglepuss, business, gag, glasses, Groucho, Hydro One, Kathleen Wynne, novelty, Ontario, oversight, privatization, transparency

Friday April 17, 2015

April 16, 2015 by Graeme MacKay

Friday April 17, 2015Editorial cartoon by Graeme MacKay, The Hamilton Spectator – Friday April 17, 2015

Liberals will sell 60% of Hydro One to fund transit infrastructure

Premier Kathleen Wynne’s Liberals will sell off 60 per cent of the province’s $16-billion Hydro One transmission utility to bankroll new transit infrastructure, the Star has learned.

Queen’s Park will retain a 40 per cent stake and minority shareholders will be limited to a 10 per cent ownership, sources say.

At the same time, Hydro One Brampton and Hydro One Networks’ distribution arm will be spun off into a separate company and sold outright for up to $3 billion.

The Hydro One changes — and a plan to allow the sale of beer in about 300 supermarkets — are key recommendations in a major report to be released Thursday by Wynne’s privatization guru Ed Clark, the former TD Bank CEO.

Insiders confide that Wynne will immediately accept Clark’s findings and move forward ahead of Finance Minister Charles Sousa’s April 23 budget.

All proceeds will go toward a 10-year, $29 billion infrastructure plan that includes $15 billion to build public transit in the Greater Toronto and Hamilton Area.

Wynne defended the Hydro One partial privatization, saying it’s a “very different process” than the full sell-off the Progressive Conservative administration had planned in 2002 because Ontario will keep the largest single ownership stake and maintain regulatory and price control. (Source: Toronto Star)

Posted in: Ontario Tagged: corporation, crown, electricity, energy, generation, Hydro One, Kathleen Wynne, Ontario, pawn, privatization, shop, utility
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