TORONTO - Today, Minister of Energy, Northern Development and Mines Greg Rickford released the following statement:
"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.
Today, Hydro One has informed us that Chief Executive Officer Mayo Schmidt is retiring from the company, effective immediately.
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.
Given the critical importance of Hydro One to our province's electricity system, our government will be closely engaging in the leadership transition at Hydro One to ensure the stability of the system is preserved and consumers are protected.
First, we will play a key role in appointing the new Board, and will expect it to act in the public's interest.
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.
After years of rising electricity bills, this is a step towards our main goal-bringing down electricity rates for all Ontarians. Help is here."