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TORONTO — Hydro One’s president and CEO says the utility has applied for a rate increase in order to keep the power system stable.

After a speech to the Empire Club today, Mayo Schmidt spoke about the application that’s currently before the Ontario Energy Board, which seeks to increase rates by 0.5 per cent this year and 4.8 per cent next year.

He says if Hydro One doesn’t apply for capital that is required to replace aging equipment and that equipment fails, people are left without power.

As it considers the application, the OEB recently ordered Hydro One to cut its administrative budget by $30 million over two years.

It also rejected a Hydro One proposal to give all of the tax savings generated by its 2015 initial public offering to shareholders, instead ordering that 29 per cent go to customers.

Hydro One has asked the OEB to reconsider, and Schmidt says the company believes those savings belong to shareholders.

The Canadian Press

10 COMMENTS

  1. If my hydro goes out for any period of time, i will sue Hydro one for not supplying my house power that is need for life giving needs.

    • She’s in debt over her head, hence continued hydro hikes. She’ll never get out of the debt she’s in and will drag us all down with her if we don’t vote her out. This woman is inept and should go in th next election.

  2. Maybe the CEO should take a 5% pay cut some people would say a 50% pay cut would okay, I really think he should not be making for than 1 Million a year for doing what keeping ppl in the dark longer and some ppl sleeping in a very cool home for the winter

  3. Mayo all his senior management and the board of directors should be fired without packages, for the irrevocable damage they have done to Ontario. The same goes for Wynne and her Liberal cronies.

    • Well said. Agree. Wont happen. She has her Bay Street pals to let her get away with this and other examples in the final days of her Reich. On a rampage throwing way our money before we kick her out June 8 2018. My answer? As a downsizing retiree, am moving out of Ontario. Don’t see any good solution to the electricity extortion racket. Waiting for Patrick Brown to come out with a detailed proposal how will fix.

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