Independent Report Confirms Fire Sale of Hydro One a Bad Deal for Ontarians

October 30, 2015

QUEEN’S PARK – The Financial Accountability Officer (FAO) reported that the fire sale of Hydro One will not bring in the revenue optimistically forecasted by the Liberal government.

 

“Residents of Stormont-Dundas-South Glengarry and from across Ontario have been right all along – the unaccountable sale of Hydro One is a bad deal for the province” said MPP Jim McDonell. “The Liberals over-estimated the revenues from the sale and forgot to factor in the loss of future income from the utility”

 

The sale of Hydro One could cost the province approximately $700 million in lost revenue every year. The utility’s $27 billion debt, which the sale should have helped pay off, will instead be downloaded to consumers through ever-higher electricity rates. Another planned rate increase takes effect November 1st, and current forecasts expect a 41% increase in hydro rates by 2019.

 

“We learned yesterday that the Liberals refused to disclose to the Financial Accountability Officer how they calculated the estimated proceeds of the sale” MPP Jim McDonell stated. “This is a slap in the face to all Ontarians – Premier Wynne simply expects us to take her secretive and wasteful government at their word and stay silent. Ontarians, however, have expressed their disgust at this sell-off loudly and clearly. I will continue to push for a cancellation of the fire sale of Hydro One and encourage all residents to sign a petition demanding the sale be stopped.”

 

The petition can be found at www.jimmcdonellmpp.ca/petitions