Fire Sale of Hydro One Will Have Long-Term Consequences: BrownPublished on November 02, 2015
QUEEN’S PARK - Today during Question Period, Leader of the Official Opposition Patrick Brown questioned Energy Minister Bob Chiarelli over why the Liberal Government is proceeding with the fire sale of Hydro One despite increasing evidence that it is a bad deal for Ontario.
“Not only did the Financial Accountability Officer raise concerns about future revenue, but he also showed that the deal could bring in as little as $1.4 billion for infrastructure – not the $4 billion this government promised,” stated Leader Patrick Brown. “It’s because of this flawed planning that 185 municipalities oppose the sale of Hydro One.”
The FAO report also detailed the long-term consequences the fire sale will have on the deterioration of Ontario’s budget balance. Hydro One generates as much as $700 million annually in revenue for the province.
“That’s $700 million that won’t go to helping our seniors get the care they need,” Leader Patrick Brown added. “That’s $700 million that won’t go to paying down the debt in a province that has the largest debt in Canada.”
In her 2014 annual report, Ontario’s Auditor General warned that that the debt is already crowding out services Ontarians rely on, such as essential education and health care services.
“This government is mortgaging our future for a one-time gain,” said Leader Patrick Brown. “Our debt and deficit are out of control, and now – without the profits from Hydro One – the problem will only get worse.”
Brown asked, “Will the Minister come clean and admit this deal is bad for Ontario?”