VIDEO: Liberals Plan to Take Hydro One Proceeds, Leave Customers Holding the Debt
(April 16, 2015) The law must be followed and any proceeds from the sale of Hydro One must be used to pay off its $27 billion debt, Jim Wilson, PC Interim Leader said today in the Legislature. He asked the Acting Premier to "commit today that you're going to pay down the electricity debt with the proceeds from the sale of Hydro One and not force Ontario families to pay for the financial mess you've created?"
Wilson said that if the government didn't follow the law and instead used it for other purposes, it would mean even higher hydro rates. "If you don't pay off that electricity debt from the sale proceeds of Hydro One, the cost of that debt will show up on the hydro bills of every family in the province...it will be a debt retirement charge on steroids and it will probably be hidden in the cost of electricity."
Section 50.3(1) of the Electricity Act was put in place by the former PC government to ensure that the money from any sale of Hydro One would be used to pay down the debt and provide relief to hydro customers through lower rates. Wilson noted that it is the people of Ontario who own Hydro One and the government can't just "run off with the sale proceeds and leave customers with a $27 billion debt to pay".