Kathleen Wynne thinks it’s a brilliant idea to sell Hydro One to pay for transit. It’s an idea that she did not come up with. They’re doing the same thing in the name of privatization in Australia. There is not one jurisdiction in the world where electricity privatization has not resulted in massive rate hikes.
The subways, the LRT run on electricity and most future transit of every type will run on electricity. Who is going to pay for those inflated profits to the private owners of Hydro One? The transit users in high ticket rates!
The sale of Hydro One is exactly like that huckster on TV promising “cash now!” for your annuity. Yes, you can get a lump sum now, but that money quickly runs out and then you are left with nothing for the rest of your life.
It’s important to note that Kathleen Wynne is using Bill 58, a bill that was passed by Ernie Eves’ Progressive Conservative government in June of 2002 to legally sell Hydro One. This bill happened because two months before, it was proved in court that the Tory government did not have the right to sell it.
Kathleen Wynne may have the legal right to sell Hydro One, given to her by the PCs, but she does not have the moral right to sell Hydro One. This lump sum will reduce the deficit until just after the next election. Then Ontario will forgo, for its entire future history, 60 per cent of Hydro One revenue (about $500 million), leaving Ontario in a much worse financial situation. The government will have much less ability to pay for things like education and healthcare as well as any deficit, forever.
Kathleen Wynne’s sale of Hydro One is a betrayal of all future generations of the people of Ontario. They will pay and pay and pay…forever.