Hydro One Boss Pledges Cost Control
The top executive at Hydro One says he has been able to trim costs at the giant utility.
Mayo Schmidt spoke to members of the Windsor and District Chamber of Commerce.
He says the plan to reduce electricity rates will mean bills should ease for Ontario residents and pointed to the long-term goal of stability.
Schmidt says internal efficiencies at the utlity will mean lower electricity costs.
"We've reduced our cost in the operating side but we do need to take some of those cost savings and contribute them back to the system to improve the system because it is eroding or in decline somewhat so we need to continue to work on that," says Schmidt.
He also addressed a challenge to hydro capacity for greenhouses in southern Essex County:
"There's been an expenditure of $77-million and Leamington will receive the benefit of an opening of the availability next summer and it's on track to be delivered," says Schmidt.
Schmidt believes the upgrade in the grid for Leamington will serve the region well:
"If the need continued to increase we are quite able to continue to expand that as long as the demand is responded to by the OEB that gives us the authorization to build additional transmission," sasy Schmidt.
Schmidt addressed the issue of selling hydro shares, calling it "harvesting" $9-billion in value for the province's infrastructure.