sale

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)

 

Saturday October 31, 2015

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

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator – Saturday October 31, 2015

‘It’s going,’ Kathleen Wynne says of the looming sale of Hydro One despite watchdog warning

It’s “full steam ahead” with the Liberal government’s sell-off of Hydro One despite a damaging report from the budget watchdog warning the sale will hurt the province’s bottom line.

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

Premier Kathleen Wynne said she is sticking to her plan to unload 60 per cent of the utility in order to bankroll transportation infrastructure.

“It’s going,” 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 “worse” shape after the sale of the Crown utility.

In a report to the legislature, LeClair said there is much “uncertainty” surrounding the sale of the electricity transmitter.

Friday April 17, 2015His findings landed the same day the government announced the first tranche of 89 million shares of Hydro One — 15 per cent of the company — will begin being sold next Thursday on the Toronto Stock Exchange for $20.50 apiece, generating $1.83 billion.

“We are pleased to announce that 40 per cent of shares are being reserved for retail investors, so individual Ontarians can participate in the IPO,” said Energy Minister Bob Chiarelli.

Both the Progressive Conservatives and New Democrats are imploring the Liberals not to sell such a valuable public asset.

Wednesday, December 4, 2013“This 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,” said Progressive Conservative Leader Patrick Brown.

NDP Leader Andrea Horwath echoed Brown’s assessment.

“This is a terrible deal and it makes no sense whatsoever. Will the premier and her government stop this insane sell-off of Hydro One?” she said.

LeClair warned the Liberals’ move would increase the provincial debt by reducing revenue.

“In the years following the sale of 60 per cent of Hydro One, the province’s budget balance would be worse than it would have been without the sale,” he wrote in his first-ever report to the legislature. (Source: Toronto Star)

 

Friday December 21, 2012

By Graeme MacKay, The Hamilton Spectator, Friday December 21, 2012

Doomsday didn’t come

Mayans squabble over post doomsday sales

It almost looks like a toy. In the darkness before dawn Friday, spiritualists prepared white clothes, drums, conch shells and incense ahead of the sunrise they believe will herald the birth of a new and better age as a vast, 5,125-year cycle in the Mayan calendar comes to an end.

No one was quite sure at what time the Mayas’ 13th Baktun would officially end on this Dec. 21. Some think it already ended at midnight Thursday. Others looked to Friday’s dawn here in the Maya heartland. Some had later times in mind.

“Wait until the dawn on the 22nd; that is when we Maya will speak,” Nobel Peace Prize laureate Rigoberta Menchu said earlier in Guatemala, another Maya area.

Mexico’s National Institute of Anthropology and History even suggested that historical calculations to synchronize the Mayan and Western calendars might be off a few days. It said the Mayan Long Count calendar cycle might not really end until Sunday.

Whatever the details, the chance to welcome a new time seemed to be the main concern among celebrants drawn to the Yucatan peninsula.

Many people who came to Yucatan for the occasion were already calling it “a new sun” and “a new era.”

What nobody was calling it is the end of the world, as some people in recent years have interpreted the meaning of the end of the 13th Baktun – despite the insistence of archeologists and the Maya themselves it meant no such thing. (Source: CTV News) 

 

Friday February 3, 2012

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Friday February 3, 2012

Ontario Place Closed

By the standards of government communications, as we know them today, it was downright poetic.

“Ontario Place is Ontario,” the advertisement in the Nov. 10, 1970, edition of The Globe and Mail proclaimed. “It will show us and the world where we’ve been, where we are and where we are going.”

If we’re going to be honest, even in its heyday the lakeside complex never did quite live up to those lofty dreams. It was a great place to see a concert, at least back in the era of the quaint little Forum and its revolving stage. It offered a unique movie-going experience, until commercial chains put in Imax theatres of their own. It had bumper boats and a waterslide and a “punching bag forest,” which all held a certain magic for kids. None of this really made it the beacon to the world – Toronto’s answer to Expo 67 – that its creators envisioned.

But there was something noble about those ambitions. And there is something depressing about how they ultimately panned out: the provincial government of the day announcing Wednesday that it’s indefinitely shutting most of Ontario Place’s current operations, because it’s tired of losing $20-million a year.

This is what it’s come down to for a province $16-billion in the hole, scratching and clawing for any dollar it can save. Rob Ford, the hawkish mayor of Toronto, likes to talk about keeping things we “need to have,” while letting go of ones that are just “nice to have.” Dalton McGuinty’s provincial Liberals don’t speak quite as bluntly, but with the odd exception – an ongoing investment in the Pan Am Games – they increasingly find themselves forced to embrace a similar philosophy. (Source: Globe & Mail)