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Category Archives: Reforming Ontario’s Electrical Generation Sector
Confusion threatens Hydro One
A "cloud of uncertainty" is hanging over Hydro One Inc. and the on-again, off-again privatization threatens to undermine the goals of restructuring Ontario’s $10-billion electricity market, say industry insiders and analysts.
Eves government has a responsibility
The new Ernie Eves government in Ontario appears to be scoring big with those deep-blue Tory backers from the hinterland, organized labour. On the day Mr. Eves won a by-election last week, the Ontario government ended an eight-week strike by 45,000 members of the Ontario Public Service Employees Union, mostly by giving into union demands and expanding the union’s influence over the province’s civil servants. The union got three-year wage increases between 9% and 14%, more sway over contract workers and control over a big wad of pension cash. On with the revolution! Continue reading
Deregulation architect backs Hydro One IPO
Donald Macdonald, the former federal finance minister and one of the architects of Ontario’s newly restructured electricity market, says the province should privatize Hydro One Inc. and do it through a public stock offering.
"I think it should be sold for the best possible return," Mr. Macdonald said yesterday at public hearings commissioned by the Ontario government to examine the future of the electricity transmitter. "And an initial public offering is the best course of action to be taken."
Spinoff of Hydro One's distribution business urged
A group representing Ontario’s local electricity utilities is recommending the provincial government spin off Hydro One Inc.’s distribution business because the company’s current structure does not promote competition and may lead to higher power bills for households.
IMO chairman wades into Hydro One debate
The head of the body that runs Ontario’s new competitive electricity market has waded into the politically charged debate over the future of Hydro One.
And the NDP opposition at Queen’s Park says that’s not something James Baillie should be doing.
The chairman of the Independent Electricity Market Operator, or IMO, says in a letter to Premier Ernie Eves that Hydro One must be "well capitalized." He says that’s important so it can make substantial investments in Ontario’s electricity grid, which it owns.
Political power vs. public power
Letter to the Editor of the Hamilton Spectator
Re: IMO Chairman wades into Hydro One debate (May 11)
NDP leader Howard Hampton has criticized the Independent Electricity Market Operator (IMO), one of Ontario’s electricity regulators, for advising Premier Eves about reliability problems that could result from a financial proposal the government is considering for Ontario’s transmission grid.
Hydro One needs access to new capital
The future of Hydro One, one of Ontario’s largest and arguably most important companies, has become a major topic of debate and discussion. At stake is whether Ontario creates a financially sound backbone for the future of the province’s electricity industry and, by extension, its economy. Or whether Ontario chooses an unworkable or restrictive business model harking back to the intrusive government controls that led to spiralling rates and the $38 billion in debt. The choice is stark and the stakes are high.
Hydro One shift could cost $13.5M
Turning Hydro One Inc. into an income trust or not-for-profit corporation could force the Ontario government to pay out at least $13.5-million in buyout fees for four of the transmitter’s senior managers, including Eleanor Clitheroe, the chief executive.
Ms. Clitheroe and three senior executives have escape clauses in their contracts that they could exercise should the province embark upon a "fundamental change" of policy for the company, according to the prospectus filed in connection with Hydro One’s initial public offering.
Ontario Power generates $217 million loss
Subsidies to big power users and zooming costs for restarting the Pickering A nuclear generator have helped to turn last year’s profit into this year’s loss at Ontario Power Generation Inc.
The giant generator, owned by the province, reported a loss of $217 million for the three months ended March 31, compared with a profit of $102 million a year earlier.
Hydro pay deals `inappropriate': Premier
Premier Ernie Eves says the golden parachutes provided for senior officials at publicly owned Hydro One are "inappropriate."
Eves faced criticism in the Legislature again yesterday for allowing the government-appointed Hydro One board to hand out such deals to five executive members, totalling about $13 million.
"I regard those amounts as being inappropriate," the Premier said in the Legislature, adding he has already asked Energy Minister Chris Stockwell to look into it.
Energy Probe 