The proposal to sell off a majority interest in Hydro One by the Wynne Liberals is a bad one.
We agree with respondents to our online poll last week, 94 per cent of whom disagreed with the plan to sell off 60% of Hydro One.
We remain unsure when the selling off of public assets for a quick buck became acceptable. Perhaps the sell-off of the Highway 407 to international interests was the first test of the public’s willingness to dispose of assets we all own as residents of this province. Then again, SkyDome rings a bell too, as a public entity funded and built with the use of public money, only to be sold off for a fraction of its cost to private interests.
If memory serves well, Wynne’s predecessor Dalton McGuinty railed against the sale of the 407. Since then rates have risen, fights about billing have reared their head, and transponders became more a necessity due to excessive fees charged for not having one. Oddly, it seems to us much of the experience with the 407 since it left public hands could well befall Ontarians province wide when it comes to hydro. Rates no doubt will rise, despite claims to the contrary.
In the fairy land of extreme right wing conservatism, the answer is often to privatize. News flash: private corporations aren’t without their faults either. Introducing the spectre of profit to a public service like hydro seems to us a disaster in the making.
When the utility was first established, Adam Beck pushed the notion of affordable power for all people of Ontario, whether they were homeowners, farmers or businessmen. Reliable, affordable power was his approach to ensuring access to dependable service for all. He was the Conservative leader of that day. Beck’s concept has served citizens well. Fast forward a little over 100 years and we see a Liberal government deciding that selling off its majority stake is a reasonable course of action. Word spilled out this week that they determined this after commissioning a $7 million feasibility study.
It’s hard to sit back as the treasury is plundered. Dumping hydro may provide an influx of cash, but an asset sale happens but once.
