Hydro One went public in November 2015 and as of December 2017, Ontario owned 47% of the utility.
The Financial Accountability Office (FAO) has examined the sale and concluded that $1.8 billion would have been saved if the Ontario government had taken on debt instead of partial privatization.
Although Ontario realized a profit of $3.8 billion in the first three years, the province’s debt will increase in future years because of one-time charges and fewer dividends. “This was short-term gain for very long term pain. This is not good for Ontarians,” said PC finance critic Lisa MacLeod.
Hydro One rates continue to be regulated by the Ontario Energy Board.
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