Council Moving Ahead with Phase Two
TORONTO, Dec. 12, 2014 /CNW/ - The Premier's Advisory Council on Government Assets is now moving forward with its work to encourage consolidation in the province's electricity distribution sector for the benefit of ratepayers, while maximizing value to taxpayers.
As part of this process, the Council is now interested in receiving written ideas related to encouraging consolidation and Hydro One Brampton and the distribution business within Hydro One Networks.
As identified in its initial report, Hydro One Brampton and the electricity distribution business currently integrated within Hydro One Networks are two critical assets that could be used to encourage additional consolidation within the Province's electricity distribution industry and help support the government's infrastructure priorities while protecting ratepayer interests.
Alan Hibben, a retired senior investment banker from RBC Capital Markets, has volunteered to work with the Chair and the other members of the Council in receiving and discussing proposals, which will help the Council finalize its recommendations to the government for consideration in the 2015 Budget process and on the procurement process.
Interested parties are encouraged to contact Mr. Hibben at Alan.Hibben@ontario.ca to obtain more information and to provide an expression of interest.
- On April 11, 2014, Premier Kathleen Wynne appointed a council to review and identify opportunities to modernize the Liquor Control Board of Ontario, Hydro One and Ontario Power Generation and to recommend ways to maximize their value to the people of Ontario.
- On November 13, 2014, the Premier's Advisory Council on Government Assets released its Initial Report, Retain and Gain: Making Ontario's Assets Work Better for Taxpayers and Consumers. In its report, the Council took into account the government's preference to retain core assets in public ownership and in maximizing the value to the taxpayers.
- In considering Hydro One, the Council has recognized that any proposal should focus on the dual objectives of encouraging further consolidation in the Province for the benefit of electricity ratepayers and using private capital rather than taxpayer funds to accelerate that process, without reducing the value to the Province of its distribution business, and without compromising the best outcome for taxpayers.
- The Council also recommended diluting the interest of the Province in these two assets to allow taxpayers to realize the value of its assets, and to help support the government's infrastructure priorities outlined in the Ontario 2014 Budget.
SOURCE: Premier's Advisory Council on Government Assets
For further information: Diane McArthur, Executive Lead, Advisory Council on Government Assets, Email: firstname.lastname@example.org