Ont. Hydro carrying massive debt

Article Abstract:

Ontario Hydro, the Crown-owned electric utility in Canada, is reportedly loaded with C$23.3 billion in stranded debts and owns a nuclear generating system that almost has no value. The reported stranded debt figure was incurred when Ontario Hydro made significant investment in five nuclear stations, two of which are idle. Although the stations are worth around C$18.5 billion, the nuclear plants will have no market value if sold. Ontario province plans to implement a restructuring program to pay off the stranded debt, without having to raise electricity rates for consumers. Under the proposed restructuring, three new companies will be created out of Ontario Hydro by 1999, to allow the utility to compete in the open electricity market scheduled to start in 2000.

Comment:

Is reportedly loaded w/ C$23.3 bil in stranded debts & owns a nuclear generating system that almost has no value

Financial management

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Big British law firm to open in Toronto

Article Abstract:

Cameron McKenna, one of the UK's largest law firms, is opening an office in Toronto, Ontario, by Aug. 1, 1998, to position itself for the restructuring of the province's C$9-billion-a-year electricity market. A legislation calls for the dismantling of Ontario Hydro's monopoly on Ontario's electricity market. Under the law, Ontario Hydro will be split into an distribution utility and an electrity-generating company. Lawrence Leonoff, former general counsel for Ontario Hydro, will run the Toronto office as a partner. Leonoff claims that the office is the first presence of a British law firm in Canada.

Comment:

Is opening an office in Toronto, Ontario, by Aug. 1, 1998

Facilities & equipment, Offices of Lawyers, Legal Services, Cameron McKenna

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Hydro debt burden deepens

Article Abstract:

Ontario Hydro's chairman, William Farlinger, cited that the company's stranded debt can be worth as big as C$30 million, noting that the firm cannot maintain its current level of operations. Farlinger made the statements amidst the laws proposed by the government of Ontario that will result to Ontario Hydro's division into four business components. The proposed legislation calls for the handling of stranded debt by a new Crown company and the carrying of an allowable component of the debt by two business units that will be tasked with electricity distribution and generation.

Comment:

Has its chmmn, William Farlinger, citing that the co's stranded debt can be worth as big as C$30 mil

Receipt of funds

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