I've got nothing against the bottom end Hydro guys. They make good money, have gold plated pensions and a powerful union working for them. If I could get their kind of compensation and security, I'd take it in a heartbeat.
However, I strongly dislike Hydro One as a corporation. They exist primarily to funnel money into the provincial government's hands from the citizens. Now, they have privatised just enough to get them out from requiring independent oversight and accountability by the Provincial Ombudsman...
A few years ago, I read over their financial statements. In that year, they had an old loan for something like $100M at 6.xx% was finally coming off the books. In the same month that they got out of paying the old loan, they immediately took a new loan for $300M at 2.xx%, so that their monthly debt servicing costs and cashflow remained the same.
They declared $700M in profit to their shareholder (the Province - pre privatization) that year.
With $700M in profit paid out of the company that year, there was no need for Hydro to take out a $300M loan. That was done solely so the government could get extra funds at the expense of the Hydro ratepayer. Meanwhile, the cost of servicing the debt is built into our Hydro bills.
The bottom line is Hydro One as a corporation is just another taxation vehicle with a government granted monopoly.
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Today's Featured Article - Restoration Story: 1964 JD 2010 Dsl - Part 2 - by Jim Nielsen. Despite having to disassemble the majority of my John Deere 2010's diesel engine, I was still hopeful I could leave the engine-complete with crankshaft and camshaft-in the tractor. This would make the whole engine rebuild job much easier-and much less expensive! I soon found however, that the #4 conrod bearing had disintegrated, taking with it chunks of the crankshaft journal. As a resul
... [Read Article]
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