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Hydro's debt up another $1 billion
After years of chipping away at its massive debt, Ontario Hydro will add $1 billion to the figure this year and see no further reductions at least until 2000, says a business plan released Wednesday.
The report underlines the heavy toll taken on the Crown corporation’s bottom line by a sweeping project to overhaul its * troubled nuclear division.
Ontario Hydro goes for broke
Less than two years before the breakup of its monopoly on the electricity market, Ontario Hydro is still using the provincial government’s signature to borrow billions — money Ontarians could have to pay back.
It’s a spending strategy that critics say may be aimed at helping Hydro maintain a virtual lock on the industry, even after private power companies are allowed into the market in 2000.
Ontario will block Hydro bid to increase debt
Ontario’s energy minister says the government won’t let Ontario Hydro increase its debt level — exactly what the utility is requesting.
Ontario Hydro is set to ask the provincial cabinet to approve $4.7 billion in loans this year, which would add $800 million to its $31-billion debt.
Ontario Hydro is looking at the government to co-sign these loans. Getting approval, however, won’t be easy.
Sparks fly over Hydro
Suspicious eyes are cast over every one of Ontario Hydro’s moves.
Be it borrowing money, hiring lobbyists, producing an annual report or fixing its plants, Ontario Hydro is constantly accused of shadowy dealings.
And as competition is set to hit Ontario’s electricity market in 2000, the accusations only get stronger.
Publically owned Ontario Hydro, it seems, cannot act as a normal business. That’s because it isn’t.
Energy conservation through elimination of bulk metering and flat rate water heaters
Issue identification:
Hydro debt burden grows
TORONTO — The chairman of Ontario Hydro has almost doubled the amount of debt that he says the utility must get rid of to be able to operate like a private company.
The comments by William Farlinger come as the Ontario Government tabled legislation yesterday to split the huge utility into four parts.
Two will generate and distribute electricity and they will be required to take on only the part of the debt that they can be expected to carry when they have to operate as private businesses.
Hydro debt burden grows
TORONTO — The chairman of Ontario Hydro has almost doubled the amount of debt that he says the utility must get rid of to be able to operate like a private company.
The comments by William Farlinger come as the Ontario Government tabled legislation yesterday to split the huge utility into four parts.
Two will generate and distribute electricity and they will be required to take on only the part of the debt that they can be expected to carry when they have to operate as private businesses.
Ontario's Energy fix moving but Govt.'s financial analysis lags
Ontario’s new energy legislation, now through second reading in the house, sets the stage for competition in electricity production and marketing, expansion of gas trading in Ontario, separation of competitive and monopoly activities, and strong public regulation of energy monopolies. While the legislative program is strong, the government’s financial analysis of Ontario Hydro’s liabilities and its plan for discharging those liabilities is weak.
There is much to praise in Ontario’s new energy legislation:
Failure to sell Hydro will cost Ontario billions
Shutting down Ontario’s nuclear plants should put $7 to $16 billion into the hands of Ontario taxpayers, according to new information released by the Ontario Ministry of Finance at a press conference Monday. This startling conclusion is based on the government’s $5 billion valuation of the power plants that the new government-owned generating company — a successor to Ontario Hydro — will be inheriting. There’s only one way for Hydro’s power plants — including Niagara Falls and other hydro-electric money-printing machines — to be worth so little. Continue reading
Cheaper electricity? Don't count on it.
In 1992, General Motors swallowed a $20.8 billion accounting loss to bring its books into line with what the company was actually worth. It was the biggest writedown in corporate history.
Ontario Hydro is about to take an even bigger hit to prepare itself for the competitive environment it will face in 2000.
Although the crown corporation has $39 billion in outstanding debt, the provincial finance ministry estimates that Hydro’s generating plants and power grid are worth only $15.8 billion – or $23.3 billion less than the Hydro debt.
Energy Probe 