Today, Minister of Energy, Northern Development and Mines Greg Rickford released the following statement:<\/p>\n
“Our government was elected on a promise to lower electricity bills for the people of Ontario. This included a promise to address governance at Hydro One.<\/em><\/p>\n Today, Hydro One has informed us that Chief Executive Officer Mayo Schmidt is retiring from the company, effective immediately.<\/em><\/p>\n The Board of Directors of Hydro One has also informed us of their intent to step down from their positions through a managed process that will conclude before August 15.<\/em><\/p>\n Given the critical importance of Hydro One to our province’s electricity system, our government will be closely <\/em>engaging in the leadership transition at Hydro One to ensure the stability of the system is preserved and consumers are protected.<\/em><\/p>\n First, we will play a key role in appointing the new <\/em>Board, and will expect it to act in the public’s interest.<\/em><\/p>\n Second, our government has prepared legislation that, if passed, will improve transparency and accountability at Hydro One. We will introduce this legislation during the upcoming sitting.<\/em><\/p>\n After years of rising electricity bills, this is a step towards our main goal\u2014bringing down electricity rates for all Ontarians. Help is here.”<\/em><\/p>\n <\/p>\n Greg Rickford, Minister of Energy, Northern Development and Mines, today accepted a proposed letter of agreement regarding the future governance of Hydro One as proposed by David Denison, Chair of the Board of Directors.<\/p>\n
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