Six Billion Dollar Man Discovers Seven Billion Dollar Income

Ontario’s Energy Minister Bob Chiarelli, who claims that Ontario has earned $6 billion in profits exporting power, has now discovered an invisible $7 billion income from OPG for government that is paying for invisible schools, hospitals, and colleges.

In the Legislature on December 11, Chiarelli claimed:

In addition, over the course of the last eight years, they (OPG) have generated $7 billion in net transfer dollars to the province of Ontario to help pay for schools, hospitals and colleges.

So there could be no mistaking his point, he repeated it in the Legislature http://ontla.on.ca/web/house-proceedings/house_detail.do?locale=en&Date=2013-12-12&detailPage=%2Fhouse-proceedings%2Ftranscripts%2Ffiles_html%2F12-DEC-2013_L100.htm&Parl=40&Sess=2#P379_98641.

Also, the member should be aware of the fact that over the last eight years, OPG has generated $7 billion, bottom line—

Minister Chiarelli, who says that solving energy illiteracy is one of his top priorities, is hopelessly illiterate about OPG’s finances. OPG’s net income, payments in lieu of taxes, and water rental fees are all dedicated to defraying debt left over from the old Ontario Hydro. The old Hydro debt is held by Ontario Electricity Financial Corporation and that is where OPG’s payment go. The only extent to which the Minister can claim that income from OPG is helping to pay for government services relates to the debt guarantee fee of 0.5% charged to guaranteed debt. The entire amount of debt guarantee fee income to the government from all electricity sources totals about $136 million per year.

Little wonder Ontario has a deficit projected to come in at $11.7 billion when Ontario’s six billion dollar man is unable to comprehend the distinction between internal government cash flows and actual government revenue.

The Opposition parties have so far been unable to challenge the $6 billion man on his stream of phoney financial claims.

Ontario’s $6 billion man is generating such a rich stream of comic material that I have created a category, visible on the right hand side bar, to assist those interested in following his antics. On Twitter, follow the hastag #6billion$man.

11 Comments

  1. ROFL – love the closing line of this post! Please forgive my plagiarism, but I just can’t resist applying your wording to our situation:
    Here in Marmora, ON – Northland Power and their faithful local “pumped storage” supporters keep “generating such a rich stream of comic material” (while demolishing the credibility of gullible politicians of every stripe in addition to their own), I suspect our unique story might be worthy of a Hollywood movie production by the time this saga ends.
    A career bonanza seems to be patiently awaiting the discovery and exposure of this scandalous story, by some brave investigative journalist? Or, perhaps awaiting an even braver lawyer that would dare try to help people in Marmora and Lake rectify their deplorable situation?

    • Why don’t you look into restoring the Grand Jury system in Ontario. It’s the legal remedy for handling corruption but was abolished in Ontario.
      There is a Grand Jury bill, Bill 120, Oct.,2013, that has passed first reading in the OLA.

  2. Kathy,
    About . com, International Investing
    Use SEDAR in Canada
    Use EDGAR in the U.S. and if a Canadian company has financial dealings in the U.S.
    http://internationalinvest.about.com/od/researchingglobalstocks/a/How-To-Use-Canadas-Sedar.htm
    Can also use:
    Morningstar
    Reuters
    Business Week
    Look at the Board of Directors Bios.
    Company ownership.
    Stock shares & options owned by corporate officials/directors and insider trading.

    information.

  3. Pingback: Another month, another $162 million. Thanks, Bob. | OttawaWindConcerns

  4. Pingback: Ontario power rates radio interview summary | Tom Adams Energy - ideas for a smarter grid

  5. Pingback: Bob Chiarelli’s Alternative Energy Reality | Tom Adams Energy - ideas for a smarter grid

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