Hydro One sell-off will make Bay Street richer and stick Ontarians with higher bills: NDP
With the release of the preliminary prospectus for the Hydro One Initial Public Offering (IPO) Kathleen Wynne has shown that she is determined to ignore Ontarians, and is pushing ahead with her plan to sell-off Hydro One without any mandate or public support.
“Instead of looking out for the best interests of Ontarians Kathleen Wynne is more concerned with stuffing the pockets of a small group of Bay Street investors and Hydro One executives,” said Tabuns. “She has left Ontarians in the dark about her privatization plans and refuses to accept that fact the majority of people in our province want to keep Hydro One in public hands.”
The prospectus confirms that the government will not have any control, "de facto" or otherwise, over Hydro One, saying “the Province will engage in the business and affairs of Hydro One as an investor and not as a manager.” It also reveals that the salary of the Hydro One CEO is projected to increase fivefold, rising from $728,570 in 2014 to a target salary of $4 million per year.
“Ontarians never voted for the sell-off of Hydro One,” said Tabuns. “They certainly didn’t vote for higher electricity prices so that Kathleen Wynne can give the new CEO of Hydro One a three-and-a-quarter million dollar raise.”
Hydro One is a valuable public asset that not only transmits electricity to every corner of our province, but it also brings in a steady source of revenue that supports hospitals and schools. Once it’s gone, it’s gone. Selling it off for a quick buck, only benefits well-connected insiders, not Ontarians, said Tabuns.