CORNWALL, Ontario – Opposition parties and local MPP Jim McDonell are slamming the Liberal government’s decision sell 60 per cent of Hydro One, calling it illegal.
The government plans to direct funds to from the sale to infrastructure building.
“The Electricity Act is very clear: any proceeds from sales of Hydro One assets must be handed over to the Ontario Electricity Financial Corporation to cover the utility’s debts,” McDonell said. “Instead, the Liberals are intent on selling assets, spending the proceeds without any accountability on vaguely defined infrastructure plans and saddling ratepayers with billions of dollars of Hydro debt.
“Our electricity bills are already unaffordable for most families and the latest Liberal Government initiatives will only make the situation worse.”
The Clark Report was released outlining the government’s plans on reforming the electricity sector and beer sales.
“The government’s electricity proposals amount to selling the furniture to pay the mortgage,” McDonell said. “Once Hydro One is sold off, revenue from the sold-off components will no longer be available to service the $27 billion debt, driving up rates.
“We do not trust a government that has mismanaged the province’s finances for over a decade to deliver a transparent and economically sound asset sale, especially when their stated intention is to waste shareholders’ money in dubious infrastructure schemes.”
McDonell and the opposition further called into question the government’s intentions by highlighting the timing of the announcement.
“None of the ministers responsible for the proposed Hydro One asset sale were in the house…to answer questions regarding their plans during Question Period,” he said. “This is a blatant disregard of their responsibility to be accountable to the Legislature and the people we represent, who are tired of failed Liberal policies and do not want to see Hydro One sold off without any debt relief that would help ratepayers”.
