Liberals disregard Ontarians, selling off huge public stake in Hydro One

Ignoring the 83 per cent of Ontarians who oppose the measure, the Ontario Liberal government is forging ahead with the final phase of its plan to sell off a major stake in Hydro One. The sell off will reduce the publicly-owned stake of Hydro One to 40 per cent.

The latest push, announced by Energy Minister Glenn Thibeault in early May, releases 120 million shares at $23.24 and is expected to raise another $2.8 billion for the government. The 60 per cent share of Hydro One being sold raises some $500 million annually for the province.

Both the Progressive Conservatives and New Democrats have blasted the Hydro One transactions as a “fire sale,” calling for the government to reverse course.

“Families, business owners, municipalities, NGOs – they have all told the premier, loud and clear to stop this wrong-headed sell-off,” NDP Leader Andrea Horwath said in question period following the latest announcement. “Why does the premier insist on moving ahead with this ridiculous sell-off?”

Critics say the short-sighted sell-off prioritizes short term gains, leaving future governments to make up for the revenue shortfall for generations to come.

Read more about this story here.