Hydro sale a bad idea: FAO report
(October 30, 2015) A report from the province's Financial Accountability Office confirms the fire sale of Hydro One is a bad deal for Ontarians, Simcoe-Grey MPP Jim Wilson said Thursday.
"We've been saying all along it's not the right thing to do," Wilson said. "The public has said the same thing and so has the province's business community."
The FAO says that if the province sells Hydro One the financial health of Ontario would be worse than if the sale didn't happen.
Members of the Ontario PC Caucus stood in Question Period Thursday, demanding that the Wynne Liberals put an immediate stop to the fire sale of Hydro One.
"The proceeds from the sale are very little. However, it's just enough to make your books look good for a couple years. But it all goes downhill from there," Wilson said.
PC Finance Critic Vic Fedeli noted the sale could cost the province around $700 million in revenue every year, and the net profit could be as low as $1.4 billion.
Thursday morning, it was also learned that the Financial Accountability Office requested additional cabinet documents on the sale of Hydro One, but the Liberal Government refused to turn them over.
"Once again Premier Wynne and the Liberals have proved they don't understand what transparency and accountability mean," Wilson said. "It's really quite disgraceful. The flippant disregard for the people of Ontario is just galling."
For more information call:
Office of Jim Wilson, MPP for Simcoe-Grey