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Doug Ford set out to get rid of the six-million-dollar-man. In doing so he’s made himself into the 100-million-dollar-man.
That’s a terrible deal — and it’s even worse in Canadian money.
On Wednesday, Hydro One abandoned its takeover of U.S. energy company Avista Corp. As a result it will have to pay a termination fee of $103 million (U.S.) That’s a staggering $137 million on our side of the border.
That $137 million, tossed out the window with absolutely no benefit to Ontario’s electricity users or taxpayers, is the price of the premier’s incompetent meddling in Hydro One.
No one but Ford can be blamed for wasting that money. He was warned, repeatedly, but he refused to listen. And it’s Ontarians who will pay for it now.
When Ford promised to get rid of Mayo Schmidt, the so-called six-million-dollar-man who was Hydro One’s CEO, he was told that such a move would come with heavy costs and wouldn’t reduce electricity bills, as he simplistically suggested.
He pushed him out anyway, along with the company’s entire board. And the cost, as predicted, is many times greater than Schmidt’s generous compensation package.
Ford was told he was damaging Hydro One’s reputation and its expansion plans — the very reason for having partly privatized the utility in the first place.
Last December, regulators in Washington State blocked the takeover and they didn’t mince words about why: “Provincial government interference in Hydro One’s affairs, the risk of which has been shown by events to be significant, could result in direct or indirect harm to Avista.”
And still Ford continued to meddle, pushing for his choice for Hydro One CEO over the new board’s shortlist of candidates.
In January, a second regulator, this time in Idaho, weighed in. “It is abundantly clear that the province does not have to own 51 per cent of Hydro One in order to effectively control the company,” it said.
And that is not a company any one in their right mind feels comfortable doing business with.
For all the talk of creating a robust business climate Ford’s government has shown the world it is so keen to interfere in what’s supposed to be a hands-off, market-driven company that Hydro One might as well still be a Crown corporation.
And, looking beyond this failed deal, how can Hydro One possibly deliver under these conditions on its pledge to become North America’s leading investor-owned utility?
Ontario taxpayers still own nearly half the company, so one way or another we will pay for all this.
Ontario Energy Minister Greg Rickford is busy trying to claim otherwise. “Any costs incurred as a result of (Wednesday’s) decision will not be paid by Ontario electricity customers,” he said.
Such a ridiculous line is entirely in keeping with the Ford government’s overarching view on costs: If they’re not easy to see, they just don’t count.
So, sure, this money won’t be recouped as a line item on electricity bills. What would they call it anyway? Ford’s interference levy?
But Ford’s brand of politics aside, real people know that the bill always comes due.
That’s a terrible deal — and it’s even worse in Canadian money.
On Wednesday, Hydro One abandoned its takeover of U.S. energy company Avista Corp. As a result it will have to pay a termination fee of $103 million (U.S.) That’s a staggering $137 million on our side of the border.
That $137 million, tossed out the window with absolutely no benefit to Ontario’s electricity users or taxpayers, is the price of the premier’s incompetent meddling in Hydro One.
No one but Ford can be blamed for wasting that money. He was warned, repeatedly, but he refused to listen. And it’s Ontarians who will pay for it now.
When Ford promised to get rid of Mayo Schmidt, the so-called six-million-dollar-man who was Hydro One’s CEO, he was told that such a move would come with heavy costs and wouldn’t reduce electricity bills, as he simplistically suggested.
He pushed him out anyway, along with the company’s entire board. And the cost, as predicted, is many times greater than Schmidt’s generous compensation package.
Ford was told he was damaging Hydro One’s reputation and its expansion plans — the very reason for having partly privatized the utility in the first place.
Last December, regulators in Washington State blocked the takeover and they didn’t mince words about why: “Provincial government interference in Hydro One’s affairs, the risk of which has been shown by events to be significant, could result in direct or indirect harm to Avista.”
And still Ford continued to meddle, pushing for his choice for Hydro One CEO over the new board’s shortlist of candidates.
In January, a second regulator, this time in Idaho, weighed in. “It is abundantly clear that the province does not have to own 51 per cent of Hydro One in order to effectively control the company,” it said.
And that is not a company any one in their right mind feels comfortable doing business with.
For all the talk of creating a robust business climate Ford’s government has shown the world it is so keen to interfere in what’s supposed to be a hands-off, market-driven company that Hydro One might as well still be a Crown corporation.
And, looking beyond this failed deal, how can Hydro One possibly deliver under these conditions on its pledge to become North America’s leading investor-owned utility?
Ontario taxpayers still own nearly half the company, so one way or another we will pay for all this.
Ontario Energy Minister Greg Rickford is busy trying to claim otherwise. “Any costs incurred as a result of (Wednesday’s) decision will not be paid by Ontario electricity customers,” he said.
Such a ridiculous line is entirely in keeping with the Ford government’s overarching view on costs: If they’re not easy to see, they just don’t count.
So, sure, this money won’t be recouped as a line item on electricity bills. What would they call it anyway? Ford’s interference levy?
But Ford’s brand of politics aside, real people know that the bill always comes due.
