New Report Released On Hydro One Privatization

Posted on Wednesday, February 14, 2018 08:12 AM

Ontario's Financial Accountability Office isn't a big fan of the partial sell-off of Hydro One.

The FAO released it's latest report on the net costs of the privatization of the utility.

Chief Financial Analyst Jeffrey Novak says while there is some short term gain, overall it will mean long term pain for Ontario taxpayers.

"Over the first three years, 2015/16 to 17/18, that's a positive benefit to theprovince of 3.8 billion dollars. After that, negative fiscal impact of 1.1 billion dollars in 18/19 and then on-going about 264 million each year."

Novak adds the purchase of Avista, the american utility, last year, is having a negative impact on Hydro One's credit rating, meaning increased costs for borrowing in the future.