Noront Resources

from yesterday's Ontario Legislature : debates and proceedings:

http://www.ontla.on.ca/house-proceedings/transcripts/files_pdf/15-APR-2015_L068.pdf

Hon. Kathleen O. Wynne: Minister of Finance.

Hon. Charles Sousa: On behalf of the people of On-tario, the government is Hydro One’s sole shareholder. As with a shareholder, the province has a right to broaden the ownership of Hydro One.

Following the lower court decision in 2002, the gov-ernment passed legislation that amended the Electricity Act that clarified its position. The Electricity Act, 1998, was amended to repeal section 48.1 and replace it with section 49.(1), which authorizes the minister to "acquire, hold, dispose of and otherwise deal with securities or debt obligations of, or any ... interest in, Hydro One" or on its subsidiaries.

So finding ways to generate revenue to help Ontario invest in its long-term infrastructure needs is badly need-ed for highways, transit, projects like the Ring of Fire, and other things that we must replace. This is an op-portunity to realize on the true potential of Hydro One, to reinvest those assets where necessary. We’re doing it legally and...