Source Pravda.Ru

Ontario Government Push Ahead With Hydro One Floatation

The Ontario government plans to go ahead with the sale of shares in its Hydro One electrical utility in September after holding public hearings on the issue and changing legislation that caused a court ordered delay, Energy Minister Chris Stockwell said. The government will also appeal the court ruling that last week derailed its plan for the biggest initial public offering in Canadian history. The share sale had been scheduled for June. Superior Court Justice Arthur Gans ruled Friday the government had to amend a 1998 law breaking up the provincial energy monopoly before the IPO could go ahead. “I think (the IPO) is a good idea,” Stockwell said at a news conference. “As a public entity, Hydro One was badly run.” The Ontario government plans to use the C$5 billion ($3.2 billion) it expects to raise from the sale to pay off part of the energy monopoly's C$39.1 billion debt.