Broadening ownership of Hydro One strengthens the company’s long-term performance and generates billions for needed investments in critical infrastructure, such as rapid transit in Hamilton. Our approach generates approximately $4 billion of a $31.5 billion, 10-year infrastructure plan to invest in the roads, bridges, and transit lines our province needs and create more than 110,000 jobs each year. This approach pays down the debt by $5 billion.
Although a recent opinion piece suggested otherwise, by legislation Ontario will remain Hydro One’s largest shareholder and ratepayers will have enhanced protections. As part of this initial public offering, no other single shareholder — or group of shareholders — would be permitted to own more than 10 per cent of the new Hydro One, ensuring that shares are broadly held across Ontario and the government remains the largest single shareholder by far. This approach will allow Hydro One to become more innovative, more competitive, and a more effective performer.
Let me be clear — Hydro One has never had the power to set its own rates and will never have the power to set its own rates. This is done by the Ontario Energy Board, which has a powerful mandate to enforce just and reasonable rates for all Ontarians. Our government is legislating enhanced powers to protect consumers and increase oversight.
Our government is working to strike the appropriate balance — the people of Ontario keep the largest share of ownership, gain billions to build infrastructure, pay down $5 billion in debt, avoid having to borrow money and strengthen the protections that ratepayers enjoy.
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