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Author Archives: energyprbe
Conservatives must act on hydro sale
TORONTO – A landmark court ruling that blocks the sale of the Hydro One power utility has left Ernie Eves, the new Ontario Premier, struggling to determine a course of action as his Conservative government fends off criticism it is indecisive.
Observers were puzzled yesterday by the fledgling administration’s apparent inability to decide whether to appeal Friday’s Ontario Superior Court decision preventing the Hydro One privatization or to amend provincial legislation enabling the largest initial public offering (IPO) in Canadian history to move forward.
Ontario presses ahead with huge privatization
TORONTO – The Ontario government will press ahead with the privatization of Hydro One by amending legislation and appealing a court decision prohibiting the sale of the electricity grid, Ernie Eves, the Premier, said yesterday.
As a concession to critics, travelling legislative hearings on the Electricity Act will begin next month, delaying the largest initial public offering (IPO) in Canadian history – expected to be worth up to $5.5-billion – until at least September.
Hydro deregulation a risky mistake
April 30, 2002 — Tomorrow, Ontario takes a leap into the unknown with the opening of the electricity market to competition.
Well, almost unknown. There is one certainty: Prices will rise. Depending on which report you read, the increase could be anywhere from 10 to 40 per cent.
U. S. official lauds Ontario's open power market
One of the architects behind Pennsylvania’s restructuring of its electricity sector says ratepayers in the state have saved more than US$4-billion over the past five years on hydro bills and become sophisticated power customers – and predicts much the same for Ontario as its $10-billion market opens for competition today.
Ontario mulls income trust for Hydro One
Chris Stockwell, Ontario’s Energy Minister, has further complicated the Hydro One Inc. privatization saga by saying the government is toying with turning the electricity transmitter into an income trust.
"We’re going to look into it," Mr. Stockwell said yesterday. "I don’t claim to be an expert on this, but it seems to accomplish both our goals: it gets us the capital dollars and it puts it in the private sector with shareholders … which will make it a more efficient operation."
Ontario Hydro 1906-2002
"Nothing is too big for us. Nothing is too expensive to imagine." So argued Ontario Hydro’s megalomaniac founder, Adam Beck, before 700 municipal delegates in 1914. Originally set up as a transmitter, not a generator, Hydro was supposed to own the power lines while the energy would be supplied by municipalities or private companies, like those already operating at Niagara Falls. Continue reading
Hydro sale may turn into leasing
In a surprise move yesterday, Energy Minister Chris Stockwell (pictured) said the Ontario government might simply lease the Hydro One transmission utility instead of selling it outright.
His comment came less than a week after Premier Ernie Eves vowed to push ahead with the sale of the utility for $5.5 billion and a day before Ontario’s electricity market opened up for competition.
Ontario Tories' change on Hydro reveals a dangerous cowardice
Imagine this: A CEO announces that his company will join the stock market. The machinery – the underwriting syndicate, retail sales strategy, legal work – is put in place to ensure the deal is completed. Then, months later, the CEO’s second-in-command comes along and says, hold it everyone, we may not do this after all. Is this any way to run a company?
Deregulation Day One off to 'very good start'
Photo: Glen Lowson, National Post
Mario Churland, senior exchange co-ordinator, at work yesterday on the electricity trading floor at the Independent Electricity Market Operator in Mississauga, Ont., where they buy and sell power to Ontario residents.
Ontario’s $10-billion electricity market opened yesterday with power prices well below average levels and industry observers impressed with first-day results.
Calm launch for Ontario electricity trading
Ontario’s electricity market opened for trading without a hitch yesterday, and the new spot price of electricity stayed within the anticipated range for an average spring day.
Some critics of the Ontario government’s deregulation plan had predicted immediate and drastic price spikes, and were proved wrong. But experts warned yesterday that no simple lessons about deregulation can be extracted from one calm day of trading.
Energy Probe 