Toronto Star Option Readers’ Letters, August 19, 2016
Timing is everything. Currently, along with a several other Ontarians, I am particularly interested in the timing of the Ontario Liberals’ Climate Change Action Plan.
Last November 15, the Ontario Liberals privatized Hydro One when they sold off 15 percent of the former Crown Corporation. Sad but true.
In April, they sold off another 15 percent. The following month, Ontario’s Minister of the Environment and Climate Change let the world know that Ontario is moving away from natural-gas home heating. Some back-peddling followed. Shortly after that, the Liberals released their official Climate Change Action Plan.
It indicated their intention to move to a more electricity-based society. Once complete, Ontario is to have far more electric vehicles, electric charging hubs, electric home initiatives, etc.
In summary, the Liberals are moving Ontario to a more electricity-based society after privatizing our province’s transmission grid and largest local distribution company! That means Hydro One will now go on to make record profits and a huge amount of potential income is being stripped away from Ontarians.
But why? To balance the current Liberal budget and dangle some shiny gifts ahead of the 2018 election. All this at the expense of Ontarians.
The whole thing reeks of corruption. Just waiting for the smoking gun to be revealed. Timing is everything.
Joel Usher, Newcastle
Thanks to Linda McQuaig for detailing the long history of support in Ontario for a public monopoly on electricity right up to today. The public instinct is right: it is best to keep this rare and valuable asset so that profits go back to our treasury, and to avoid the risk of the monopoly control falling into the hands of those who would maximize their returns at the expense of consumers and the environment.
Ms. McQuaig could have added that selling off Hydro One is a bad deal, as concluded by Ontario’s Financial Accountability Officer. After all, investors are not stupid.
They will not pay full price for the value of the future Hydro One profits they would get as minority shareholders, due to the risk, because key decisions affecting profits are taken by government. The monopoly is worth more to the government as the decision-maker.
If you must sell an asset, this is a particularly bad one to sell.
Kim Jarvi, Toronto
What’s most disturbing about reading Linda McQuaig’s strong case against privatizing Hydro One is that it reveals clearly that Premier Wynne seems to be selling it for no worthwhile reason.
When 73 percent of Ontarians disagree with the sale and she insists on it, then she is not serving the public will. Further, to trade off the long-term benefits of Hydro One for a short-lived infusion of cash for infrastructure is economically incomprehensible.
With this kind of foolish, arbitrary decision, which is symptomatic of the disconnect between the public will and its leadership, Wynne will certainly join the infamous ranks of other failed premiers of Ontario, such as Mike Harris and Dalton McGuinty, who also carried out their personal agenda while forsaking the common good of the electorate.
Pity the serious voters.
Tony D’Andrea, Toronto
There is at least one more compelling reason for not selling off part of Hydro One that Linda McQuaig does not mention, and that is the refusal of the federal government of Justin Trudeau to make proper use of the Bank of Canada.
The Bank of Canada was created in the 1930s to make interest-free loans to the various levels of government in Canada to allow them to finance the construction of infrastructure. That allowed Canada to build our health-care system, the TransCanada Highway, the St. Lawrence Seaway and more.
The Bank of Canada still has the power to make those interest-free loans but refuses to do so. Federal Finance Minister Bill Morneau has the power to order the Bank of Canada to make these interest-free loans to the governments of Canada. Instead, the CETA and TTP trade agreements, which are about to be ratified, will eliminate the Bank of Canada’s ability to make those loans.
My question: who do our politicians work for, the people of Canada or corporations and international bankers?
There is currently a case before the courts the purpose of which is to force the government of Canada to make proper use of the Bank of Canada. The Toronto group taking the case to court is the Committee for Monetary and Economic Reform (COMER), who are represented by Toronto lawyer Rocco Galati.
Rick Tufts, Toronto
The partial privatizing of Hydro One proves that none of the economists at Queen’s Park knows any thing about future value. After we all have our own solar panels, the Hydro One lines and pylons will no longer be needed and the rights of way will have a tremendous value as transit corridors, province-wide.
Ed Goertzen, Oshawa
Our Comment.
Surely – in a truly democratic country – no government should enjoy the option of arbitrarily selling off such public assets!
Élan
