Selling off Hydro One is a horrible idea

The Oct 30, 2015 Northern Life article, “Thibeault defends Liberal’s Hydro One sell-off” really makes my blood boil.

Let’s look at the facts: The Kathleen Wynne’s original ‘guesstimate’ sale price for Hydro One was $9 billion. Out of that, $4 billion was earmarked for infrastructure (about 44 per cent). The new ‘guesstimate’ is $6.8 billion. Assuming that 44 per cent will still be earmarked for infrastructure, that leaves Ontarians one billion less than originally proposed.

Meanwhile, the sale of Hydro One will cost Ontario $500 million annually in lost revenue (meaning a $3-billion loss every six years). On top of that, the net result is almost certainly higher hydro rates for everyone in Ontario — workers, retirees, businesses — everyone. And now Glenn Thibeault thinks he can pull the wool over Sudbury’s eyes with the promise of 100,000 jobs?

The devil is in the details, so let’s look closely at this 100,000 number. As the article states, the Liberals have promised 100,000 jobs over 10 years as part of their $130-billion infrastructure program. As you might recall above, the sale of Hydro One will net the Liberals $3 billion for their infrastructure program. That’s two per cent of their promised $130 billion program.

You know what two per cent of 100,000 jobs is? Two thousand. Glenn Thibeault wants Sudbury to agree to the fire sale of Hydro One so that “all of Ontario” can share 2,000 jobs over the next 10 years. Higher electricity prices for life in exchange for 2,000 jobs over 10 years! Is that worth $6.8 billion to anyone who isn’t Kathleen Wynne or one if her yes-men?

No wonder city councils, labour, the Chamber of Commerce, the NDP, the Conservative party and even Ontario Financial Accountability Officer are all united in telling Wynne’s Liberals that selling off Hydro One is a horrible idea.

Jamie West
Sudbury