FOR IMMEDIATE RELEASE:
October 29, 2015
REPORT CONFIRMS FIRE SALE OF HYDRO ONE IS A BAD DEAL FOR ONTARIANS
QUEEN’S PARK – Today the Financial Accountability Officer released his report warning the Liberal government that their plan to sell Hydro One will put Ontario into further debt.
“The report released today confirms what myself and my colleagues have been saying all along. The end result of the fire sale of Hydro One is a bad deal for Ontarians” stated MPP Jeff Yurek, Elgin-Middlesex-London.
The net profit from the sale could be as low as $1.4 billion compared to the $4 billion that the government projected for infrastructure funding. The end result will cost the province approximately $700 million in revenue every year. “This comes at a time when Ontario families are struggling to pay their hydro bills and many are forced into a heat or eat situation” Yurek noted. “Coupled with the ever increasing hydro rates, set to increase yet again on November 1st, and the alarming compensation packages that Hydro One executives receive; energy rates have nowhere to go but up.”
The FAO projects that as a result of the fire sale, the province’s fiscal situation will be worse off in large part due to the revenue Hydro One currently brings in to provincial coffers. The fire sale represents a short-term gain in exchange for long-term pain. “This government is using the Hydro One sale to make the books look good for the 2018 provincial election despite warnings that the province will be worse off in the long run.” commented MPP Yurek.
“With over 80% of Ontarians opposing the fire sale and the report from the FAO the Wynne Liberal’s should cancel the sale of Hydro One.”