Harris Confirms Competitive Electricity Market Will Open On May 1, 2002
- TORONTO -- Mike Harris, OntarioÂ’s Premier, joined by Jim Wilson, Minister of Energy, Science and Technology, today confirmed that the provinceÂ’s electricity industry will open to competition on May 1, 2002.
"We are keeping our promise to open the electricity market to competition," said Harris. "Opening the market will lead to more choice, greater savings and better customer service for the people of Ontario."
Bold electricity reform continues to be a top priority for Harris. Last week he announced the largest privatization in Canadian history, the sale of Hydro One by a public share offering.
"This announcement has significance far beyond today or tomorrow," said Harris. "WeÂ’re looking far ahead. I want to ensure that future generations enjoy reliable power and a strong economy."
When the Harris team came to office in 1995, OntarioÂ’s electricity industry was headed in the wrong direction. Years of mismanagement meant that taxpayers and the government were burdened with an Ontario Hydro debt of about $38 billion. From 1990-93, hydro rates increased by 40 per cent.
Upon taking office, the government kept its Common Sense Revolution commitment to freeze hydro rates -- a move intended to protect customers and businesses and to force needed reforms and better management. It also acted decisively to align OntarioÂ’s electricity industry with changes taking place in the global electricity market.
The Harris governmentÂ’s vision for opening the electricity market to competition is based on the following four guiding principles:
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