Mayor Tory Refutes Reports about Selling Toronto Hydro

Toronto Hydro overhead and underground crews worked through the night and into today to replace a failed cable in the Marlee and Eglinton Avenue area. This cable must be put back into service to relieve the electricity loads on adjacent cables that could potentially overload due to the heat. (CNW Group/Toronto Hydro Corporation)

The statement by the mayor came as a response to the report published on Saturday by Reuters that said Ontario’s Hydro One was in talks to buy Toronto Hydro for $3-billion, citing anonymous sources. According to the report, the negotiations have been going on for months but it never entered the final stages and so it could all fall apart. Whereas on the other hand, the council approved Mr. Tory’s plans last year to avoid any sell-off of Toronto Hydro and rather reinvest city funds in the utility to help it refurbish its electricity grid, after months of speculation that Mr. Tory was interested in a sale.

Even if there were any talks, the deal to sell Toronto Hydro would need to get through city council, where the majority opposes such any sell-off. The report by Reuters claimed that a deal to buy Toronto Hydro could also help Hydro One’s growth ambitions as a public company after it raised $1.8-billion in one of Canada’s biggest IPOs in 2015.

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