Alan Findlay/Queen’s Park Bureau
Toronto Sun
July 24, 2002

A recent political appointment at one of Ontario’s electricity companies is raising concerns about more trouble ahead following the controversy at Hydro One.

The province recently hired Michael Gourley as CEO of the Ontario Electricity Financial Corp., which manages the $38-billion debt racked up by the old Ontario Hydro.

"Gourley is high-priced help," Tom Adams of Energy Probe said. "This guy is not a B-team player, so he’s an expensive guy."

Gourley was deputy minister of finance when Premier Ernie Eves was minister of finance in the mid-1990s.

He then headed for Bay Street as a consultant with Price-Waterhouse Coopers.

Adams said Gourley’s arrival suggests that the financial corporation faces serious problems. The company has already missed three consecutive statutory deadlines in filing public reporting of its finances, he said.

"Gourley’s got a tiger on his hands here," Adams said, adding the company’s massive chunk of public liability has likely grown to $40 billion, thanks to problems at sister companies Hydro One and Ontario Power Generation.

First, former premier Mike Harris’ planned IPO was scrapped by his successor Ernie Eves. The company’s board later resigned.

Last week, the interim board fired president and CEO Eleanor Clitheroe, citing six-figure travel and recreation expenses.

Liberal MPP Michael Bryant said there may be another electricity shocker in store for the public and electricity ratepayers.

"It looks like they’re bringing in the top guns to clean up a company that has failed to produce any public disclosure," Bryant said.