Ontario electricity records smashed in June

And no, that didn’t make your life better

The month of June came and went and while several records were set, the media paid no attention.

Let’s start with why it took IESO until early August to release their Monthly Market Summary for June with the rest to follow!

IESO reporting: The IESO webpage where one accesses the daily and monthly summaries states the following: “The monthly report follows the Settlement Calendar for the release of Preliminary statements, generally in the middle of the following month.” While this may not be a record for late reporting it certainly doesn’t live up to their claim. They might want to edit that statement.

Ontario ratepayers’ consumption: The IESO Monthly Market Summary disclosed Ontario’s consumption was less than 10.6 TWh (terawatt hours) and, looking back over the past ten years (since passage of the GEA) June 2019’s TX (transmission-connected), consumption was the lowest. Possibly a record low.

 Curtailed wind: While the amount of curtailed wind (paid for but not generated) wasn’t the highest ever, the percentage of curtailed wind was a new record according to my friend Scott Luft who does an excellent job every month at estimating it, and provides data well before it is made available by IESO.  In June, Scott estimated 390,567 MWh of DX connected wind was curtailed versus 381,946 MWh grid-accepted. The curtailed wind represented 50.6% of what they could have generated and cost ratepayers $46.868 million via the Global Adjustment (GA) pot.

Grid-accepted wind power’s value: Scott also keeps track of the HOEP rate when wind is added to the grid and for June, he noted the HOEP valued wind at 0.17 cents/MWh.  We ratepayers pay wind generation companies an average of $135.00/MWH while the electricity trading market, i.e., HOEP valued their generation for pennies.  This is a record since Scott commenced tracking IESO data. Grid-accepted wind was HOEP valued at $65,000.

Global Adjustment sets a record: On Page 22 of IESO’s Monthly Market Summary they provide the Arithmetic and Weighted Average of both the GA and the HOEP and as it turned out, the GA hit a new record high for both at $140.96/MWh and $142.11MWh respectively.  This record high GA signals a high transfer to the Fair Hydro Plan (FHP) instituted by the Wynne government to reduce residential ratepayer’s electricity bills.

Monthly transfer to the FHP sets a record: The FHP transfer is referred to as the “GA Modifier” and it set a record for June coming in at $329.8 million, or 32.3% of the June GA cost ($1,018.2 million) for Class B ratepayers. Both the amount of the transfer and the percentage established new records.

HOEP sets a new record low: IESO’s “Monthly Market Summary” page 22 also contains the monthly Arithmetic and Weighted Average of the month’s HOEP value and they were respectively $3.68/MWh and $4.83/MWh and both were new lows.

Contribution by ratepayers to net exports sets a record:  As sales of surplus electricity to our neighbours doesn’t include the GA costs our net exports (surplus grid generation) for the month were adversely affected by the low HOEP.  Net exports for the month were 1.7 TWh (enough to power 2.2 million average residential households for the month) and generated approximately $8.2 million at $4.83/MWh but cost ratepayers about $241.6 million at $137.28/MWh meaning the loss for the month of $233.4 million was added to the GA pot.

Conclusion                                                                                                                                      What all this demonstrates is that there is something severely wrong with our electricity system in Ontario.

While wind and solar clearly played a significant role in driving up our electricity costs as it turns out, for June, a large portion of the record costs came about as OEB approved rate riders for OPG. Some of those are related to OPG’s nuclear refurbishment whereas other increases are due to OPG rate applications that were before the OEB for several years.  The latter are related to variance accounts including pension and other post-employment benefits in the hundreds of millions of dollars.  The OEB said no to the original applications but legal action by OPG took the issue all the way to the Supreme Court of Canada and the OEB lost!  As a result, those rate applications were allowed and their effect is to add hundreds of millions annually to OPG’s revenue base at a cost to ratepayers.  Scott Luft lays out the impacts of the foregoing in a recent posting on his site.

The revenue spurt OPG is now experiencing may well be the reason they suddenly announced the planned acquisition of 1,808 MW of gas plants from TransCanada and its affiliates for $2.87 billion. OPG suggested it was to replace the Pickering Nuclear generation capacity that will be winding down over the next several years, but it adds nothing to the province’s electricity capacity.

Ratepayers and taxpayers will continue to pay the price for political directions/interference and their exercise of control over the electricity sector.

The Green Energy Act passed by the McGuinty government is simply one example. It remains to be seen if the current government can untangle the mess.

PARKER GALLANT

 

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Wind power lobbyist spins numbers to its advantage

Too bad the facts show that actually, wind power isn’t needed in Ontario

Comber wind project with 72 turbines: add up ALL the costs for the truth

The trade association and lobbyist for the wind power development industry, the Canadian Wind Energy Association (CanWEA), loves to provide its audience with information that only shows them in a good light. Their audience, “environmental” organizations and gullible politicians are easily sold.

Once again CanWEA has put the spin out.

A recent short post is titled “A Canadian Success Story” and it claims “Wind energy met approximately 6 per cent of Canada’s electricity demand in 2017 – and more than that in jurisdictions such as P.E.I. (28 per cent), Nova Scotia (12 per cent), Ontario (8 per cent), Alberta (7 per cent) and New Brunswick (7 per cent).”

It is curious as to why CanWEA would have used 2017 as their “success story” as it was an expensive one for Ontario’s ratepayers. Wind generation, the curtailment of excess generation, the need for backup gas plants, and the inability of wind to deliver actual power when needed, all played a significant role in continuing to drive up costs for Ontario electricity consumers.

Power arriving on the grid when demand was low was a big factor in the creation of the Fair Hydro Plan by the former government. IESO reported grid-connected wind delivered 9.2 TWh (terawatt hours) which was only 6.4% of total grid-connected generation — not the 8% claimed by CanWEA. Another 3.3 TWh of wind generation was curtailed in 2017 which added costs.

The 9.2 TWh delivered to the grid cost ratepayers $1,242 million and the 3.3 TWh curtailed added another $396 million, bringing the total cost of wind generation to Ontario’s ratepayers to $1.638 billion or 17.7 cents/kWh! If spilled hydro of 6 TWh and 1 TWh of steamed-off nuclear caused by wind due to surplus baseload generation (SBG) conditions, their costs of about $330 million bring the total cost of wind generation to $1.968 billion. And that is without gas plant idling costs for when wind is absent.

The total costs for all grid-supplied electricity in 2017 amounted to approximately $16 billion. So, the cost of wind power generation, along with the wasted hydro and nuclear, represented about 12.3% of all costs for 6.4% of their grid-accepted generation. If costs of our exports were included, wind generation effects on our electricity bills would be even higher. In 2017, nuclear and hydro supplied 97.1% of Ontario’s demand; with the spilled (wasted) hydro of 6 TWh and the 1 TWh of steamed-off nuclear, they could have supplied 102%.

In other words, wind wasn’t needed.

Scanning stats for a couple of months in 2018 shows that during the hot and high demand summer months of July and August, wind generation does what it generally does — falls flat. Data supplied by Scott Luft and the IESO monthly summaries shows wind provided only 4% of Ontario’s demand in July and 4.4% in August. In May 2018, a low demand month, grid-connected wind supplied 5.7% of Ontario demand. It could have supplied 9.1%, but almost 40% of what it could have generated was curtailed due to the month’s low demand.

What this all demonstrates, again, is the intermittency and unreliability of power from wind turbines. Wind power forces ratepayers to simply hand out money without any benefit.

Our politicians need to recognize spin when they see it, and understand that wind turbines provide almost no value in reducing emissions, or providing a reliable supply of electrical power.

PARKER GALLANT

 

Record profits for Ontario Power Generation

(but there’s a catch…)

Ontario Power Generation or OPG reported their results for the year ended December 31, 2018 on March 7, 2019 and for the fourth year in a row profits were up.

Net income after taxes attributable to the “shareholder” set a record* coming in at $1.195 billion versus $860 million in 2017.

Both 2017 and 2018 net income were affected by the sale of OPG’s properties. Their Head Office sale generated a 2017 after-tax gain of $283 million, and the sale of the Lakeview property generated an after-tax gain in 2018 of $205 million.

Putting aside those one-time gains, the increase in net income of $335 million (up 39%) from 2017 to 2018 is attributable to the $379 million in additional revenue generated by OPG’s nuclear fleet and was, co-incidentally, their total revenue gain, raising OPG’s revenue from $5,158 million in 2017 to $5,537 million in 2018. The increase in nuclear generation year-over-year was nominal, rising from 40.7 TWh (terawatt hours) to 40.9 TWh.

While this may be good news for the province, there is a “catch” : this all means ratepayers will eventually have to pay for the bulk of increased revenue when the Fair Hydro Act ends. The revenue gain came about principally because the OEB granted OPG a substantial rate gain on their nuclear generation amounting to approximately one cent per kWh or about $9/MWh.**

Other good news in the financial report was the OMA (operations, maintenance and administration) costs remained relatively flat as did fuel expenses.

Looking back:                                                                                                                                                    As noted above, OPG achieved record profits in 2018, but revenue was still not a record.  If we look back and compare 2018 with their results for 2008, we find that revenue was actually higher, coming in at $6.082 billion or $545 million (9.8%) higher.  In 2008 however net income was affected by a substantial increase in income taxes and by the recession which affected bond and stock markets (down by 35%) and OPG’s income from the $9.2 billion “Nuclear fixed asset removal and nuclear waste management funds”.

The year 2008 is the year prior to introduction of the GEA and the FIT and microFIT programs which drove up the cost of power in the province and affected OPG’s ability to increase its revenue and net income. First-to-the-grid rights granted to FIT and MicroFIT participants (wind and solar) meant OPG suffered the effects of the HOEP (hourly Ontario electricity pricing) in respect to their unregulated hydro.

In subsequent years the HOEP fell, resulting in OPG’s appeal for that capacity (3,631MW) to become regulated. The appeal was granted!

Another aspect affecting hydro generation profitability is fuel costs which were $254 million for the 2008, 36.4 TWh generated and climbed to $334 million for the smaller 29.8 TWh generated (not including the 3.5 TWh spilled) in 2018. OPG were forced to write-off their fossil fuel (coal) plant costs in 2004, but in 2008 they were still contributing to Ontario’s energy needs supplying 23.2 TWh out of a total of 107.8 TWh from OPG’s generating sources.

If one looks at a simple pricing cost per kilowatt hour, in 2008, dividing OPG’s gross revenue of $6.082 billion by the 107.8 TWh generation the per kWh cost for ratepayers was 5.6 cents/kWh. Doing the same simple calculation for 2018 using gross revenue of $5.537 billion for the 74 TWh generated provides a cost of 7.5 cents/kWh for a 1.9 cents/kWh (up 33.9%) increase. Over the ten years, in simple terms, the average annual increase is approximately 3% and above the inflation rate; however, without the GEA and the FIT/microFIT programs, it is likely that OPG’s costs would have been much closer to annual inflation rates.   The foregoing is borne out if one looks at the IESO year-end reports for 2008 when they state the cost per kWh averaged 5.8 cents/kWh compared to 2018 when their year-end report shows a cost of 11.5 cents/kWh.  That translates to a 5.7 cent/kWh increase — a jump of 98.3% over the same 10-year period, or triple OPG’s costs.

In retrospect one wonders if the proponents for renewable energy (industrial wind turbines, solar panels and biomass) such as Gerald Butts, who held sway over George Smitherman (former Ontario Minister of Energy) and former Ontario Premier Dalton McGuinty seriously contemplated the results of their pilgrimage?

Did the damage done to the province benefit or hurt peoplekind?

You be the judge!

PARKER GALLANT

*Page 5: Financial and Operational Highlights

**Page 4: Annual Information Form

Hydro One latest financials look positive — until you look beneath the surface

Lots of “spin” in a recent news release. 2019 doesn’t look so rosy

On February 21, 2019 Hydro One issued a press release announcing their fourth quarter and year-end 2018 results.

The market shrugged.

That was in spite of the spin of the release titled “Hydro One Reports Positive Fourth Quarter Results”. Some media reports echoed the Hydro One press release without, I presume, looking at the financial statements.

Because if one were to examine their results for the quarter, it is obvious why the market shrugged. Revenue (net of purchased power) was up by $41 million (5.3%) due to higher demand for electricity for the transmission (up 2.5%) and distribution (up 3.2%) businesses. Offsetting the increased demand and related revenue, was a year over year $64 million increase (26.2%) in OMA (operations maintenance and administration) costs for the comparable 2017 quarter.

The jump in after-tax net income to $162 million from$155 million, attributable to shareholders, was up $7 million or 4.5%. However, if it hadn’t been for a huge drop in income taxes (from $38 million in 2017 to only $1 million in 2018’s fourth quarter), Hydro One’s results would have been upsetting to shareholders.

If Hydro One had taken the hit related to the “termination fee” (US$ 103 million) payable to Avista shareholders on the failed acquisition of that company, Hydro One would have reported a loss for the quarter. This is based on Note 4 which stated: “On February 1, 2019, Hydro One entered into a credit agreement for a $170 million unsecured demand operating credit facility (Demand Facility) for the purpose of funding the payment of the termination fee payable to Avista Corporation as a result of the termination of the Merger Agreement and other Merger related costs.”

The first Quarter results of 2019 will presumably reflect the unaccounted-for cost of the termination fee.

While year-over-year results report a favourable trend with revenues (net of purchased power) up 6.5% or $204 million, it was mainly driven by higher demand for distribution customers (revenue up 2.1 %) and higher peak demand for transmission clients (revenue up 11.1%).  If Hydro One had taken the Avista “termination fee” hit of $170 million, net income for shareholders would have been below 2017’s reported $658 million instead of the $778 million (up 18.2%) claimed for 2018.  It’s all about the spin!

Needless to say, scanning the notes to the financial statement indicates Hydro One received rate application approvals from the OEB (Ontario Energy Board) that will affect both their distribution and transmission customers on a go-forward basis. Additional rate applications await rulings from the OEB.

It would appear Hydro One may well experience a decline in profitability in 2019 due to the $170 million Avista termination fee. Additionally, the possibility of reduced demand may surface as ratepayers will not see a repeat of the 25% Fair Hydro Act’s deferral which may have played a role in increased consumption.

We shouldn’t expect the Ford government to deliver the other 12% reduction promised leading up to their election in June 2018 as their accomplishments so far, on this file, have been quite disappointing. They failed to cancel wind and solar contracts that will impact future rate increases.

It appears the former Hydro One CEO has impacted shareholders and possibly ratepayers considerably more than the “Six-Million-Dollar” cost suggested by Premier Ford. While the current Hydro One’s Board of Directors has agreed to restrict the pay to a new CEO to a maximum of $1.5 million per annum it would take 35 years to recoup just the Avista termination costs. An unlikely event!

An ongoing concern is the possible effect on ratepayers, should Hydro One submit a request for a rate increase to the OEB (Ontario Energy Board) to cover the above Avista termination fee and other (already expensed) related costs for the boondoggle.

Ratepayers should hope — and expect — the Minister responsible (Greg Rickford) will issue a clear directive to the OEB instructing them to not grant a rate increase to cover those costs! He should do that despite the province still being a 47% shareholder of Hydro One.

PARKER GALLANT

Calculating the costs of Ontario’s electricity: which sources add the most to our bills?

More transparency in the Ontario Energy Ministry  would reveal important facts, sooner 

The Ontario Energy Board (OEB) took more than nine months to compile and release what they label Ontario’s System-Wide Electricity Supply Mix: 2017 Data, a one-page document identifying the Electricity sources and the “Electricity Mix.”  The data includes both TX (transmission-delivered electricity) and DX (distributor-delivered electricity), but only in percentage terms. In order to determine the amount of electricity actually generated by the “Supply Mix” one must go through a mathematical exercise.

Lagging transparency

If one wonders why it takes nine months and why the OEB won’t supply the amount of electricity delivered by each of the “Electricity sources” you wouldn’t be alone.  Why have we spent billions on “smart meters” and the “smart grid” (developed by IESO) and the data can’t be provided within, say, the first Quarter of the following year?  That question should be raised by our elected politicians as the ratepayers of the province would like to know that all those billions weren’t wasted.

Digging deeper

Going though the math exercise isn’t unduly onerous; if one uses nuclear as the base (generating 60.1%) and the IESO “2017 Electricity Data” the information shows nuclear generated and delivered 90.6 TWh (terawatt hours), so the other percentages can be used to calculate the actual electricity delivered.  As all of nuclear generation is grid-connected, the total electricity generated (DX + TX) for 2017 was 150.7 TWh.  From that it is easy to determine solar with 2.2% generated 3.3 TWh, wind 10.85 TWh, hydro 38.6 TWh, biomass .6 TWh, natural gas 6.0 TWh and other .45 TWh. Add those figures to nuclear generation of 90.6 TWh and it comes to 150.7 TWh

The next step is determining the costs of those generation sources so we ratepayers can judge if they are giving us value for money. That is easier said than done; however, there are enough clues and information available to give us some reason to believe we will come close to disclosing costs.

Let’s start with the HOEP average for 2017 which was $15.81/MWh (megawatt hour) or $15.81 million per TWh meaning the 150.7 TWh of generation represents a cost of $2,282.6 million. The GA (Global Adjustment) inclusive of Class A and B for 2017 total was $11,851 million making total generation costs $14.233 billion for the 150.7 TWh.   Other costs such as transmission and wholesale market service charges add another $1.8 billion to total costs.  Adding the latter brings total cost to $16.033 billion.

If one than examines total Ontario demand for 2017, it would be the 132.1 TWh that IESO claim in their year-end report plus generation within the DX sector of 4.45 TWh making Ontario demand 136.55 TWh.

Finally, If one estimates the revenue generated from “net exports,”* reported as 12.471 TWh at the HOEP value of $15.81 million per TWh, the net revenue generated was $197 million reducing total electricity costs to $15.826 billion.

Putting total Ontario demand (136.55 TWh) in context, nuclear generation of 90.6 TWH and hydro’s 38.6 TWh together provided 94.6% (129.2 TWh). In 2017 OPG was forced to spill 6 TWh and Bruce Nuclear steamed off 1 TWh meaning those two generation sources could have supplied almost 100% (99.7%) of Ontario’s total demand.  Gas generation (10,548 MW capacity) could have easily supplied the balance including peak periods as they operated at only 6.5% of capacity.

So, what did wind and solar cost? 

Wind generated 10.85 TWh so at $135/MWh cost $1.465.000,000 + curtailment of 3.3 TWh at $120/MWh, added $396 million, making the total cost from wind generation $1,861,000,000. Solar generated 3.3 TWh so at an average of $448/MWh would add costs of $1,478,400,000

The two together — without including spilled hydro or steamed-off nuclear or gas back-up — totalled $3.339 billion.

The math calculation to get the actual cost of 2017 Ontario consumption therefore is simply dividing total electricity costs of $15.826 billion by 136.55 TWh, giving a per kWh cost of 11.6 cents kWh!

Without the total costs of wind and solar of $3.339 billion the costs of electricity consumed by Ontario electricity customers would have been $12.487 billion or 9.14 cents a kWh. That would have been 2.5 cents a kWh less than we experienced with wind and solar as generation sources.

The additional costs of wind and solar in 2017 added approximately $220.00 per average household to their electricity bills. Should wind and solar contribute similarly over the next 20 years the costs to Ontario ratepayers will be in excess of $66 billion.

The time has come to demand more transparency and to re-evaluate the details in long-term wind and solar contracts.

PARKER GALLANT

PS: Scott Luft has created pie charts that highlight much of what is contained in the foregoing article and they can be found here: https://twitter.com/ScottLuft/status/1050045294287745024/photo/1?ref_src=twsrc%5Etfw%7Ctwcamp%5Eembeddedtimeline%7Ctwterm%5Eprofile%3AScottLuft&ref_url=http%3A%2F%2Fcoldair.luftonline.net%2F

*exports less imports

 

Ontario’s wind turbines demonstrate what they can’t deliver: reliability

The wind power lobbyist makes impressive claims but reality is a different story

Ontario turbines at Belle River: power not there when needed

 

In a bid to be assertive after the Speech from the Throne last Thursday and Premier Ford’s pronouncement of the upcoming demise of the Green Energy Act, CanWEA’s (Canadian Wind Energy Association) President Robert Hornung issued the following announcement

He made some impressive claims.

Maintaining investor confidence in the Ontario marketplace is important for Ontario’s short- and long-term economic prosperity. The Canadian Wind Energy Association (CanWEA) shares the Ontario Government’s commitment to an affordable and reliable electricity system that benefits Ontarians. CanWEA notes that wind energy projects in Ontario are an important source of sustained revenue for municipal and Indigenous partners. Ontario’s wind energy projects are providing long-term, stable pricing for Ontario ratepayers. Wind energy is now the lowest-cost option for new electricity supply in Ontario, across Canada, and throughout much of the world.”

Focusing on the weekend immediately following Mr. Hornung’s announcement is an interesting exercise. Examining his use of the words “reliable electricity system” is worthwhile to see if it has any bearing on generation from industrial wind turbines (IWT).

As it turns out, both Saturday July 14th and Sunday July 15th delivered pretty average summer days with Ontario demand of 837,000 MWh and total demand (including net exports) of 910,000 MWh. Over those two days, grid-connected IWTs in Ontario delivered 11,329 MWh.

What that means: wind turbines operated at a capacity value that was 5.4% of their rated capacity of over 4,400 MW. Peak output was at 12 AM on July 14th when they generated 969 MWh or 22% of rated capacity. The lowest output was at 10 AM on July 15th when they were probably consuming more than their output of 26 MWh, or 0.6% of their rated capacity.

Wind power generators represent 11.9% of total grid-connected capacity in Ontario according to IESO, so if they are promoted as part of “reliable” electricity, it’s not too far a reach to expect them to demonstrate their reliability.

It appears CanWEA’s claim is false.

Over the two weekend days they generated 1.4% of Ontario’s demand and only 1.2% of total demand.

If that is considered a “reliable” electricity source, Ontario’s ratepayers have been taking it on the chin since the wind contracts were awarded. Those contracts have had the opposite effect of bringing Ontario “short- and long-term economic prosperity” as our electricity cost increases have been more than double those of our neighbours.

All Ontario’s ratepayers are grateful that nuclear and hydro generation, (supported by gas generators during peak periods) were up and running over the past weekend.

Now all we ratepayers need is for the President of CanWEA to finally confess: wind power is intermittent and NOT reliable, and, oh yes, very expensive!

 

Ontario’s electricity export tariff

Special to The PostMedia Network, June 14, 2018

BY PARKER GALLANT, GUEST COLUMNIST

Former Energy Minister Chiarelli and his claim of a $6B profit on surplus electricity exports. “You can verify it.” No, you can’t.

Many will recall Bob Chiarelli, when in the position as Ontario’s Minister of Energy, was questioned on the costs of exporting our surplus electricity on TVO and stated: “since 2008, the province of Ontario – and you can verify it with the IESO – has made a $6 billion profit on the trading of electricity.”

Needless to say Minister Chiarelli was called out by the media and opposition parties for making such a spurious claim.

Let’s look at Ontario’s 2017 electricity exports and see what he would claim about them. The U.S. Energy Administration Information (EIA) in a recent release, had the following information posted from data supplied by Canada’s National Energy Board (NEB):

“Electricity accounts for a small, but locally important, share of bilateral trade. In 2017, the value of U.S. imports of electricity from Canada increased for the second straight year, reaching $2.3 billion*. The United States imported 72 million megawatt hours of electricity from Canada in 2017 and exported 9.9 million megawatt hours, based on data from Canada’s National Energy Board.”

As it turns out, Ontario’s exports of 19.1 million megawatt hours (MWh) in 2017 represents 26.5% of the 72 million MWh reported as exported by the NEB and those 19.1 million MWh generated “revenue” of $496.6 million (approximately) made up of the $15.80/MWh of the yearly average HOEP (hourly Ontario energy price) as reported by IESO and another $10.20/MWh for transmission** costs.

The implied revenue generated represented 16.6%* of total Canadian electricity revenue versus 26.5% of total Canadian electricity exports. The Ontario based generators of that 19.1 TWh of power were paid a yearly average of $115.5 million/TWh (yearly average includes HOEP plus global adjustment based on the IESO’s December 2017 monthly summary.

That means the cost to Ontario ratepayers for exported power was $1,709.5 billion and the credit (net of the monies to Hydro One of $194.8 million for transmission) resulted in Ontario’s ratepayers picking up the missing revenue of $1,507.7. Anyone with a small math knowledge would not refer to that as a profit as it would represent a cost of about $300 per Ontario household.

Export tariff?

The cost to ratepayers of electricity exports in 2017 at over $1.5 billion and prior years played a significant role in driving up electricity rates and represented almost 10% of total generation costs. To put that in current context, Ontario’s ratepayers were slapped with an “export tariff” by our Ontario government of 88% which greatly exceeds the US tariffs recently announced by the US government on Canadian manufactured steel and aluminum.

Getting slapped with only a 10% or 25% tariff would be a net benefit to Ontario’s ratepayers.

*Presumably US dollars so would represent approximately $3 billion CDN dollars at a $1.30/$1.00 exchange rate.

**A large part of these revenues ($194.8 million estimated) went to Hydro One who control about 99% of all transmission in the province.