Stephen LeClair, Ontario’s Financial Accountability Officer, reported that Ontario’s budget balance will be worse in the years following the 60 per cent selloff. Ontario’s net debt will actually soon be higher from the loss of about $500 million in annual income, which would grow over time.
Less revenue for the province means less money to pay for public services—and less money to pay for workers’ wages.
The evidence is in:
- A large majority of Ontarians is opposed to the privatization of Hydro One.
- 185 Ontario municipalities have passed resolutions opposing the sale.
- All eight of Ontario’s independent legislative officers, including the Auditor General, have strongly criticized the sale of Hydro One because it will severely reduce accountability.
- Privately-owned electrical utilities charge their customers higher rates than publicly-owned utilities.
CEO and executive compensation is skyrocketing with the privatization of Hydro One, with the CEO pay package rising by up to 400 per cent to $4 million.
If there’s no rationale, financial or otherwise, for the privatization of Hydro One, why is Ontario’s Liberal Premier Kathleen Wynne insisting on doing it?
Only one answer makes sense; it’s a multi-billion dollar gift to her friends on Bay Street paid for by the people of Ontario.
In coalition with community groups and other unions, CUPE Ontario is conducting a vigorous campaign to #KeepHydroPublic.