Ontario premier Kathleen Wynne may have a new plan in the works — one that would impact Hydro One, a Crown corporation that delivers electricity across the province.
In fact, 10% to 15% of the corporation’s shares may become available under an IPO, reports theglobeandmail.com. If that happens, it could drive up the already-high cost of electricity for Ontarians.
At the same time, the move to sell a piece of a company that owns and operates 97% of the province’s energy transmission infrastructure would be a chance for the government to earn millions.
Wynne says she hasn’t made any final decisions yet on asset sales, but she did not dispute a report that she is planning to sell shares in Hydro One.
A panel chaired by Ed Clark of TD Bank Group is looking at possible sales of Hydro One, Ontario Power Generation and the Liquor Control Board. Its recommendations are expected to come this spring, but in an interim report the panel concluded all three should remain in public hands, but says Hydro One should get out of the local distribution business and focus on its core transmission business.
Wynne says whatever her government decides to do following the panel’s recommendations, it will control prices and make sure that regulatory regimes that protect Ontarians stay in place.
She says the reason for doing the asset review is to leverage money to “invest every cent in transit, transportation infrastructure (and) infrastructure across the province.”