Tomorrow, millionaire Hydro One CEO will have earned more in 2018 than the average family will earn all year

Published on January 04, 2018

The millionaire CEO of Hydro One will have already earned as much as the average Ontario family by Friday – before he even goes for lunch.

After coming under fire for outrageous executive compensation last year, Kathleen Wynne committed to fixing the problem, a promise she has since broken.  

"Hydro disconnections are reaching new record highs every year in Ontario," said PC Energy Critic Todd Smith. "At the same time, Ontario electricity customers are still funding millionaire Hydro One executives because Kathleen Wynne has decided to put Liberal insiders ahead of the people.”
 
By lunch time on Friday, Hydro One CEO Mayo Schmidt will have earned $75,000, equal to Ontario’s median family income, according to Statistics Canada. He earned $4.5 million in 2017.
 
“This is the result of Kathleen Wynne’s disastrous handling of Hydro One,” said Smith. “ Fromrepeatedly raising hydro prices, to a lack of transparency, to getting Ontario back in the coal business, everything at Hydro One under her watch has made life more unaffordable for Ontarians.”
 
“It used to be that if you worked hard, you could build a better life for you and your family in Ontario. But today, the interests of Kathleen Wynne’s millionaire insiders are put ahead of the people.”
 
Patrick Brown and the Ontario PCs have committed to reduce electricity prices and bring transparency back to the energy sector. Some of these commitments include:

  • Rebating the government’s portion of Hydro One’s dividend directly to ratepayers on their hydro bills

  • Acting to rein in exorbitant executive salaries at Hydro One and OPG

  • Moving conservation funding to the tax base

  • Walking away from any committed capacity contracts that have cancellation benefits

  • Putting an immediate moratorium on any new energy contracts in order to avoid already scheduled rate increases

  • Enforcing every Green Energy Act contract to the letter, using any contract breaches as leverage to renegotiate or exit them whenever feasible and possible

  • Repealing the Green Energy Act

  • Removing the Smart Meter Charge from your bill immediately