MPP McDonell disappointed with Hydro One sale

SDSG MPP Jim McDonell. (MPP Office via Newswatch Group, File)

SDSG – MPP Jim McDonell expressed disappointment Thursday as the first shares of Hydro One Networks were sold on the Toronto stock exchange.

Investors snapped up shares as the government looks to make $1.66 billion from the nearly 14 per cent stake in the provincial utility.

“The Liberal government ignored the advice of the opposition, the public and an independent financial watchdog, and set the course for Hydro One to be privatized in an inefficient and unaccountable manner,” McDonell stated.

The MPP also pointed to the accountability officer’s recent report that the sale would come far short of the revenue expected ($1.4 billion) and would take away $750 million in yearly income.

McDonell said the revenue wouldn’t even cover the “average liberal scandal” like E-health or Ornge (air ambulance).

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