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Author Archives: energyprbe
The anti-Mike: Why Premier Ernie unplugged Ms. Clitheroe
Was it low political opportunism, or was management out of control?
Yes.
Ernie Eves is staking his career on convincing us that he’s the anti-Mike.
Eleanor Clitheroe, the CEO of Hydro One, staked hers on playing the business game like a guy.
Ernie may be winning this one with the public. They’re shocked by Ms. Clitheroe’s $6-million pension package. Even the old boys on Bay Street are offended by it. But the biggest loser in this power struggle isn’t her. It’s you, dear ratepayer.
Has Hydro One's future come unplugged?
Six weeks ago, Ontario’s massive electricity restructuring was moving into its final stages without a ripple.
After four years of preparation, the province was just about to open the wholesale market for power. A plan to sell $5-billion worth of shares in Hydro One Inc., the transmission utility, was well under way. And, around 860,000 consumers, or 20 per cent of total households, had signed contracts with private electricity companies.
Credit alarm sounds for Hydro One
Two major credit rating agencies said yesterday that the uncertainty surrounding Hydro One Inc. – particularly the future of its executive team and possible erosion of investor confidence – could threaten the utility’s financial health and increase its cost of raising money in the markets.
Moody’s Investors Service said it will review the transmitter’s debt rating after the board of directors quit en masse this week following a showdown with the Ontario government over executive compensation.
Sudden heat pushes Ontario's electricity prices sky high
The price of electricity reached unprecedented heights yesterday as unexpectedly hot and sticky weather in southern Ontario boosted demand for air conditioning. For an hour late yesterday morning, the provincial power price hit 70 cents a kilowatt hour, more than 20 times the averages seen until then.
While the spike will end up buried in the average price that consumers not on fixed price contracts pay, experts say it is an important sign of how the new Ontario power market works. When demand is up, you pay more.
Ontario to retain control of Hydro One
The Ontario government will retain control of Hydro One, Premier Ernie Eves announced Wednesday in reversing one of the major policies of former premier Mike Harris.
Mr. Eves told reporters at Queen’s Park after a Wednesday cabinet meeting that the government will hold on to at least 51 per cent of the $5-billion electricity-transmission utility.
Eves: Hydro One not for sale
The Ontario government has zapped plans for what was set to be the largest privatization in Canadian history.
Premier Ernie Eves has decided to keep controlling interest in Hydro One, the provincially owned electricity transmission company that has been the centre of a political storm for weeks.
"The government has decided it’s not going to part with control of Hydro One," Eves told reporters after a three-hour cabinet meeting yesterday.
Eves pulls switch on Hydro One sale
Ontario Premier Ernie Eves bowed to public pressure yesterday and will keep Hydro One in public hands. Eves said the province will either sell some of the utility’s shares, establish a public-private partnership, or set up an income trust to bring "private-sector discipline" to the utility. He said a decision will be made by the next election.
But, unlike a month ago, Eves said the total $5.5 billion sale of Hydro One isn’t an option anymore.
Eves kills Hydro One share sale
TORONTO — Ontario Premier Ernie Eves killed a key initiative of his predecessor Mike Harris with the announcement yesterday that the Tories would not turn over control of Hydro One to the private sector through a share offering on the stock market.
Altered Hydro One IPO not big on Bay Street
The Ontario government’s plan to privatize only half of Hydro One will be a tough sell on Bay Street because investors are worried about political interference in the new company, investors and investment bankers said yesterday.
"If they provide full freedom to private partners this will work," said one large institutional investor. "If they are not willing to do that, we wouldn’t be interested."
Businesses face hydro hike
Many Ontario businesses will be hit with an extra charge for electricity that will effectively double the posted market price for power during peak demand periods, says the agency that runs Ontario’s new electricity market.
The information came to light as Ontario set a new record for electricity demand yesterday, brought on by the summer heat.
To cope with the heavy demand, Ontario had to import 10 per cent of its electricity needs at prices up to 50 times the price consumers were accustomed to paying under the old regulated market system.
Energy Probe 