The Toronto star is reporting Friday that Mayor John Tory’s senior staff is working on the partial sale of Toronto Hydro.
The sale of a minority stake would help fund multiple projects, including SmartTrack. Some energy experts believe a sale could bring in $1.5 billion, which could be divvied up between transit, social housing and for Toronto Hydro itself.
Reports suggest that Tory was considering this move back in 2014, before he became mayor.
Deputy Mayor Denzil Minnan-Wong told the Star that “there’s a great deal of unmonetized value in Toronto Hydro that could be used for anything from transit to building more affordable housing.”
CUPE Local One represents 1,000 Toronto Hydro workers. Their president John Camilleri says they would like to see the utility, which brought $60.6 million to city coffers in 2014, remain 100% public.
Do you think this is something the city should do, if in fact it’s a move that’s being considered? Would you rather pay higher taxes to fund transit, or do you support the idea of the money you pay for electricity going into private hands, rather than the public purse?
Read the full Toronto Star report HERE.