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Gold/Mining/Energy : Hydro One - IPO
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To: Copperfield who started this subject1/20/2003 10:48:59 PM
From: Copperfield  Read Replies (1) of 52
 
Ernie Eves, Ontario's Premier, today announced that in order to protect consumers his government will retain 100 per cent control of Hydro One.

Today's announcement follows an extensive search for a 49 per cent minority partner. The government was not prepared to relinquish control over key decisions affecting consumers.

"We want to bring private-sector discipline to Hydro One, but not at the expense of protecting consumers," Eves said. "Last November I announced a plan to lower your hydro bill and we are sticking to that plan."

Eves emphasized that his government remains committed to its four original goals for Hydro One:

As today's announcement demonstrates, consumer protection remains paramount.
The government will continue to seek other ways to bring private-sector discipline and greater efficiency to the company through its new board and leaner, more efficient management team.
Hydro One will continue to rebuild and modernize its infrastructure.
As announced last November, the government continues to pay down the old Ontario Hydro debt.
The provincial budget continues to be balanced for a fourth consecutive year. Today's announcement has been factored into the government's fiscal planning.

The decision to retain 100 per cent control of Hydro One is part of a series of actions taken by the Eves government to ensure that Ontario has a sufficient supply of electricity - at reasonable prices - to meet future needs.
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