Read about the Provincial Liberal Minister of Energy Glenn Thibeault exiting statement on Hydro One Acquisition
July 19, 2017
“Ontario is pleased to see today’s announcement of the proposed acquisition of Avista by Hydro One, as it is expected to deliver clear benefits for the company’s customers, employees and shareholders – including the people of Ontario, given the government’s position as the single largest shareholder in Hydro One.
In particular, we welcome the fact that this proposed acquisition will not impact the rates that Ontario customers pay. Neither will it have any impact on local jobs.
As the single largest shareholder in Hydro One, the Ontario government would benefit from the company’s receipt of additional regulated returns expected to begin in 2019. Those benefits will be above and beyond the proceeds already attributed to the Ontario Trillium Trust as a result of the IPO and subsequent secondary offerings.
While Ontario ratepayers will not be directly impacted by today’s announcement, our government’s Fair Hydro Plan, which came fully into effect on July 1, 2017 has lowered electricity bills by 25 per cent on average for all residential customers and as many as half a million small businesses and farms. Our plan also holds any increases in electricity bills to the rate of inflation for four years.”
Related by Dan Matten – Liberal