Put a Stop to Privatizing Hydro One
The Ontario Government once again tries to stead from the people of Ontario. Premier Kathleen Wynne, Leader of the Liberal Party has decided to privatize Hydro One. Hydro One is the largest electricity transmission and distribution company in Ontario grossing at over $22.6 billion total assets. Generating an estimated $1 billion a year for the provincial treasury, the money can be used to fund schools and hospitals for the people of Ontario. This essentially means that when we pay our electricity bills, we are siamotainously funding our own public services.
Kathleen Wynne's Proposal
Kathleen Wynne and the Liberal party wants to sell 60% of Hydro one to private companies that are willing to buy. She then wants to utilize all this money not to pay down the debt of Hydro One but to begin her unattainable idea of a new 10 year, $29 billion dollar transit infrastructure.
Hydro One being a monopoly, owned by solely by the Ontario government the it would gain most of the income. However once sold to private companies who have large interests in getting a share of our profits, the Ontario government will no longer bring in all of the $1 billion annual earnings but only a percentage of that. With the Toronto population rising Hydro One may potentially be earning $.5 billion more dollars in the near future meaning larger missed out opportunity for us. This means that there will be less funding for other public services. With Hydro One no longer being the monopoly, the Ontario government will no longer be able to have complete control over market price of our electricity utility service. This being said, private companies whos' main concern is to generate profit will inevitably slowly jack up our electricity rates. Customer satisfaction may no longer be the priority due to corporate control. Taxpayers like you and I paid for this service to be build and shouldn't allow the government to strip Hydro One away from Ontario citizens
Future of Hydro One
Though we will still retain 40% of Hydro one and minority shareholders will be limited to a 10% ownership. This will still allow private companies with the same profit hunger drive to retain 60% of ownership of Hydro One making them the main decision makers for all operations. Viewing at the privatization of a more recent publicly owned service like the highway 407 we can compare a predict what will become of the future Hydro One. After being bought out by larger companies 407 toll rates immediately skyrocketed with even several cases of predatory billing practices. Rushing this proposal into law will definitely not benefit the public in the long run, the government needs to rethink what they are doing before it is too late.
Harry and Doug
Sign our petition here to support us against Kathleen Wynne and her proposal to privatize Hydro One.