Word: hydro
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...when new contracts are drawn, the Government's chief negotiator will probably be the only important man in Canada last week who did not voice an opinion on the Hydro bill-Thomas Stewart Lyon, Hydro's head. A short, wiry Scot fairly bristling with a kind of fierce honesty, Chairman Lyon was appointed by Premier
...harnois Light, Heat & Power; Ottawa Valley Power; Maclaren-Quobec Power; Gatineau Power-have $172,000,000 of bonds in the hands of U. S., .Canadian and British investors. Typical is Gatineau, nearly one-half of whose annual revenue of around $9,000,000 is derived from its contracts with Hydro. In Gatineau's case, however, the Premier proposed to make a partial exemption for practical operating reasons: Hydro might buy Gatineau current at present rates "as it deems advisable...
...wholesale producer of electric energy is Hydro. It sells to a few big private users but its most important function is supplying power, service and advice to some 700 Ontario towns & cities at cost. The municipalities in turn sell power to ultimate consumers over their own local distributing system, also at cost. Founded in 1906 by Act of Parliament, Hydro is financed by the Provincial Government but not subsidized except in rural electri-fication-a minor item. Its bonds are being amortized, so that eventually the municipalities will, in effect, own all Hydro's great plants and transmission lines...
Thousands of pages have been written about Hydro, most of them dedicated to the proposition that this classic example of public ownership does-or does not- sell power as cheaply as could a private company. There is little argument about actual domestic rates: they are lower, with rare exceptions, than any iri the U. S. The squabble is over technicalities like the question of whether Hydro favors domestic customers at the expense of commercial and industrial users; or what adjustment should be made for Hydro's low taxes. Most comparisons of Hydro's rates with U. S. rates...
Toronto suspected last week that Premier Hepburn's Hydro bill might be a colossal bluff. Having put the fear of God and the Premier into the hearts of the private power companies in Quebec. Hydro might yet negotiate new contracts at reduced rates. With that to his credit, the Premier would quietly pull the teeth from his toothy measure...