UPDATE: Electricity Operator Loses $80M; Wants It Back

Tuesday 10:45am – Both premier Wynne and Energy Minister Thibault have stated this morning that the $80M ‘accounting’ loss suffered by the Independent Electricity System Operator will not result in higher consumer hydro rates. 

Tuesday 6am – Disconcerting news from the Independent Electricity System Operator, the group that oversees the electricity market in Ontario. It says due to a “previously unrecognized actuarial loss and past service costs” it has suffered an $80M loss, and plans to get it back by raising the fees it charges to power industry. Using the trickle-down theory, this likely means the rate increase holiday we’re getting November 1 won’t be happening again anytime soon. The provincial Toriesquick to point out this loss more than offsets the $70M the Liberals said would be saved over seven years under a power deal signed last week with Quebec.