AuditorÂ’s review sought for Toronto Hydro
TORONTO, ONTARIO - Toronto city council wants to look closer at city-owned Toronto Hydro in the wake of the utilityÂ’s efforts to remove limits on pensions for its executives.
At the urging of Councillor Michael Thompson, council voted 34-0 to look at whether it can send in city auditor general Jeff Griffiths to conduct a review.
Councillor Michael Thompson said a Toronto Star story about Hydro pensions was an eye-opener.
“I think clearly this is a group of people that are well compensated,” Thompson told council.
The Star reported that Hydro has launched a lawsuit against the OMERS pension fund to overturn limits on pensions of executives who earn large bonuses.
“I think it’s important for us to understand how business is done at Hydro,” Thompson said. “We should all be very concerned about what’s happening there.”
Council instructed city manager Joe Pennachetti to report to the May 24 meeting of councilÂ’s executive committee on whether council could send in its auditor general.
“The buck has to stop with us,” he said.
Councillor Mike Del Grande said he thinks council, as sole owner of Hydro, should be able to carry out an oversight role.
“Even though it has its own board, at the end of the day we’re basically in control,” Del Grande said.
Related News
Wind Denmark - summer's autumn weather provides extraordinarily low electricity prices
DENMARK - A downturn in the cable connection to Norway and Sweden, together with low electricity consumption and high electricity production, has pushed down electricity prices to a negative level in Western Denmark.
A sign that the electrification of society is urgently needed, says Soren Klinge, head of electricity market in Wind Denmark.
The heavy winds during the first weekend of July have not only had consequences for the Danes who had otherwise been looking forward to spending their first days at home in the garden or at the beach. It has also pushed down prices in the electricity market…
