The CEO of Hydro One and the entire board is resigning. A new board will be created which will be made up of four members nominated by the province and six institutional investors. The new board will select Hydro One’s next CEO.
Hydro One is Ontario’s largest electricity transmission and distribution utility. It is one of five current entities that previously made up Ontario Hydro. After a sale of shares in November 2015, the utility is now 47.4% owned by the provincial government. Beyond Ontario, Hydro One has plans to expand to the U.S. with a multi billion-dollar transaction to acquire energy company Avista. The board shake up puts the acquisition at risk.
