A plan by Toronto mayor Mel Lastman to sell off Toronto Hydro would be a colossal rip off for taxpayers and electricity consumers. Bruno Silano, president of CUPE 1 representing 1,500 Toronto Hydro workers, said the city would lose up to $100 million a year if the utility were sold.
“Toronto Hydro is a self-sufficient utility. It receives no taxpayer money whatsoever. It is essentially debt-free and it generates revenue. Public ownership also guarantees lower electricity rates and reliable service for the citizens of this city,” said Silano.
“Local residents now receive their electricity essentially at cost. There is one reason and one reason alone that we are able to deliver at cost 0054006f0072onto Hydro is a public utility,” he added.
“What Mayor Lastman seems to be missing is that by continuing to own Toronto Hydro, the city will get profits in perpetuity.
“We’re calling upon city council to protect this valuable utility. The only way to protect it 0061006e0064 the residents who depend on it 006900730020to keep Toronto Hydro public.”