The Ontario New Democratic Party’s Position on the Sale of Hydro One
Queen’s Park, September 18th, 2015 – With the release of the preliminary prospectus for the Hydro One Initial Public Offering (IPO) Kathleen Wynne has shown that she is determined to ignore Ontarians, and is pushing ahead with her plan to sell-off Hydro One without any mandate or public support.
Hydro One crews repairing damage following a severe winter storm
“Instead of looking out for the best interests of Ontarians Kathleen Wynne is more concerned with stuffing the pockets of a small group of Bay Street investors and Hydro One executives,” said Tabuns. “She has left Ontarians in the dark about her privatization plans and refuses to accept that fact the majority of people in our province want to keep Hydro One in public hands.”
The prospectus confirms that the government will not have any control, “de facto” or otherwise, over Hydro One, saying “the Province will engage in the business and affairs of Hydro One as an investor and not as a manager.” It also reveals that the salary of the Hydro One CEO is projected to increase fivefold, rising from $728,570 in 2014 to a target salary of $4 million per year.
“Ontarians never voted for the sell-off of Hydro One,” said Tabuns. “They certainly didn’t vote for higher electricity prices so that Kathleen Wynne can give the new CEO of Hydro One a three-and-a-quarter million dollar raise.”
Hydro One is a valuable public asset that not only transmits electricity to every corner of our province, but it also brings in a steady source of revenue that supports hospitals and schools. Once it’s gone, it’s gone. Selling it off for a quick buck only benefits well-connected insiders, not Ontarians, said Tabuns.
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Isn’t it amazing how the CORPORATE PARTIES, Liberal and Conservative constantly rant and rave about needing a majority to govern and when they get it they become dictatorial and cater to the Corporate Sector while completely ignoring the PEOPLE whose vote put them in power. (The Hydro One thing is just another privatization ploy)
It is not a new agenda for the Liberals STILL in Dictatorial Control and it would have been NO DIFFERENT if the Conservative had been given the majority reins of governing. Strategic voting to stop Hudak just allowed the Liberal to maintain their dictatorial status and it is evidenced by their plan to sell off Hydro One. (While completely ignoring the sane voters)
During the last election we seen (Correction DID NOT SEE) any platform put forth by the NDP that might have swayed the public and bring a sense of reality into the lives of the peoples of Ontario, too bad
Nero played the fiddle while Rome Burned and we are already singed by the fires of the Liberals who have and are building our hell on earth…
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Harris sold the 407 for short term profit… had the government kept the 407 would its financial picture be better or worse? Wynne’s sale of Hydro One is duplicating Harris’ dumb move!
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Do not be fooled by the politicians that tell you this sale will not increase your hydro bill. They plan on increasing the salaries of the CEO and other executives to multi-millions, as well as increase expenditures elsewhere … and the money has to come from somewhere. So don’t be surprised when the executives of Hydro One start pressing the OEB to hike the hydro rates on the rest of us because of “increased costs”.
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Canada is being sold bit by bit….407, hydro, grain board, oil rights (you would be astonished at the amount of land and resources owned in Alberta by the evil “Krotch” brothers.)
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Welcome to The Battle for Stupidity”.. In this corner, wearing Blue Trunks, Stephen Harper. In this corner, wearing Red Trunks, Kathleen Wynne. The rules are simple: “Do the best for yourself at the expense of the people you represent in your respective Government (Harper, federally; Wynne, provincially)
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Yikes this is terrible!!!! We must all rise up and protest!!!
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