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Toronto: Mayor John Tory denied a news report published Saturday that claimed he is involved in discussions to possibly sell Toronto Hydro to Hydro One for a mix of cash and stock in the newly privatized company.
Reuters reported Saturday that Hydro One was in talks to buy the city’s public hydro utility for as much as $3 billion, divided into cash and stock in the provincial power distributor, which was itself partially sold in Nov. 2015.
On Saturday afternoon, Tory said “no discussions are taking place with respect to the sale of Toronto Hydro to anyone.”
“In recent months, I clearly indicated that I would not be supporting any proposal to sell Toronto Hydro. Rather, I indicated my support for additional City investment in a Toronto Hydro that remained in public hands,” Tory said in an email.
City of Toronto spokesperson Jackie DeSouza also told CP24 Saturday that the news report is “false” and no sale discussions are taking place.
Hydro One spokesperson Daniel Levitan said the organization does “not speculate on rumours.”
The Reuters report also said the City of Toronto is exploring other asset sales in order to raise revenue to pay for infrastructure.
It said the city may consider selling its Green P parking business.
Hydro One is currently valued at $14 billion. The provincial Liberals plan to sell 60 per cent of it before the next provincial election in 2018.
The City of Toronto itself also told CP24 Saturday that the news report is “false” and no sale discussions are taking place.
