FAO Report Confirms Hydro One Fire Sale a Bad Deal for Ontarians

Oct, 30, 2015

QUEEN’S PARK – The Financial Accountability Office of Ontario (FAO) confirmed the sale of Hydro One will be a scary scenario for Ontario residents.

Thursday morning, the FAO released a report on its assessment of the financial impact of the sale of Hydro One.  The report confirms what the Ontario PC Caucus, the public, numerous municipal councils and the business community have continued to say: the Hydro One fire sale is a bad deal for Ontarians.

The FAO projects that as a result of the fire sale, the province’s fiscal situation would be worse than if they didn’t sell Hydro One, in large part due to the revenue Hydro One currently brings in to provincial coffers.  The Hydro One sale represents a short-term gain in exchange for long-term pain.

“People have been approaching me at fairs, at events through the riding and contacting my office in regards to the Hydro One sale with the unanimous message to stop the fire sale,” said Haldimand-Norfolk MPP Toby Barrett.

Members of the Ontario PC Caucus stood in Question Period this week demanding that the Wynne Liberals put an immediate stop to the sale.

“The actual proceeds from this Hydro One fire sale are very little. But it’s just enough to make your books look good for a couple years, bringing us to the next election. Then it all goes downhill for Ontario from there,” said PC Finance Critic Vic Fedeli, who noted the sale could cost the province approximately $700 million in revenue every year, and the net profit could be as low as $1.4 billion.

The FAO requested additional cabinet documents on the sale of Hydro One, but the Liberal Government refused to turn them over.

“Once again this week, this government has proven it is anything but accountable and transparent,” stated PC Hydro One Critic Todd Smith.  “Why do we keep running into information that the government doesn’t want the public to have? This government should commit to releasing all cabinet documents on the sale of Hydro One to the public.”

Leader of the Official Opposition Patrick Brown added, “Will the Premier admit that they have not been giving the people of Ontario the straight goods on the sale of Hydro One?  The report also predicts that the Hydro One fire sale will impact ratepayers. Coupled with the OEB’s recent announcement that hydro rates will increase on Nov. 1, average Ontario families will continue to struggle to pay their hydro bills.”


For more information, contact MPP Toby Barrett at 519-428-0446 or [email protected]