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Category Archives: Reforming Ontario’s Electrical Generation Sector
Followup letter to EP's presentation to Ontario Standing Committee on Resources Development
Mrs. Brenda Elliott, M.P.P.
Chair, Standing Committee on Resources Development
c/o Committee Office
Room 1405, Whitney Block
Dear Mrs. Elliott:
I write to you and through you to the committee members to address two issues–procedural rights and financial guarantee–in response to requests for additional information from committee members during Energy Probe’s appearance before your committee Wednesday August 19.
Ontario moves ahead on Hydro One
The Ontario government tabled legislation yesterday giving it the power to sell Hydro One Inc. – but the future of the largest privatization and public stock offering in Canadian history remains uncertain as Ernie Eves, the Premier, maintained that a final decision on the transmitter’s future has not been made.
Mr. Eves said the Reliable Energy and Consumer Protection Act was made necessary by last month’s Ontario Superior Court ruling that said the government lacked the legal authority to sell the company.
Hydro spends $360,000 to sponsor boat
Faced with embarrassing revelations about Hydro One’s lucrative executive compensation and its sponsorship of a racing yacht, the province yesterday scrambled to rein in the utility’s directors with an ultimatum to reduce salaries and benefits.
Chris Stockwell, the Minister of Environment and Energy, said the board of Hydro One – which sponsors Team Defiant’s 40-foot Canada’s Cup champion for $360,000 in a three-year deal – must shape up or ship out.
Hydro One privatization all but dead as board resigns
The long-awaited privatization of Hydro One Inc. is dead, the company is "rudderless" and the province’s power industry in peril after the utility’s board of directors resigned last night following a protracted fight over compensation for the utility’s executive, according to senior Bay Street financiers and industry observers.
"It’s the end of the world. There’s not a soul on the face of this Earth who would buy shares in this company," said a Bay Street source, who asked not to be named.
Hydro One directors resign in pay ruckus
TORONTO – The board of Hydro One resigned en masse yesterday hours after Ontario’s Conservative government introduced legislation to fire the directors and reduce the salaries and benefits of the utility’s senior executives.
But the multimillion-dollar management team remains at the Crown-owned electricity transmitter for the time being.
"Given the turn of events and lack of confidence of the government, we feel we have no option but to resign," said Sir Graham Day, departing chairman of the 12-member board.
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.
Energy Probe 