There was never much doubt Kathleen Wynne’s decision to sell off most of Hydro One was self-serving and brutally bad for Ontario.
And now Ontario’s Financial Accountability Officer has exposed that con by putting a price on the cost of selling off the provincial electricity asset to help the Liberals balance their books — $1.8 billion.
That’s $1.8 billion the government could have saved had it chosen to use traditional debt practices to fund infrastructure projects, instead of privatizing 53% of Hydro One using sleight of hand, suggests the report by J. David Wake, who’s temporarily serving as Ontario’s FAO.
Opposition critics and unions have long been saying the same thing.
“Kathleen Wynne’s reckless fire sale of Hydro One will continue to make life harder for Ontario families,” tweeted interim Ontario PC leader Vic Fedeli.
NDP leader Andrea Horwath heaped scorn from the left, saying “Wynne’s Hydro One sell-off means billions less for health care, education and lowering hydro bills.”
And CUPE Ontario president Fred Hahn, whose union is suing the Liberal government over the sale, said the FAO report proves “any benefit the Liberals claim having from the sale of Hydro One ends this year.