History

1857

Adam Beck born 20 June 1857 in Baden, Ontario

1906

Conservative MPP Adam Beck leads march up Yonge Street demanding reliable and affordable Hydro.

Conservative government forms Hydroelectric Power Commission of Ontario ("HEPCO"). Adam Beck appointed first chair.

May, 1914

Under pressure from Municipal Electric Association, municipal leaders, Hydro-Electric Radial Union, electric railway supporters and impending election, Premier Borden revises Hydro-Electric Railway Act of 1913 to allow Ontario Hydro to isue bonds to finance radial lines

1925

Sir Adam Beck dies August 15

January 1, 1994

NAFTA comes into force.

1996

California passes law on deregulation of electricity to take effect in 1998

MacDonald Commission called for an end to Ontario Hydro's 90-year monopoly on generation.

1997

Pickering "A" Station, approx 2,000MW, taken out of service for refurbishing, scheduled to return to service in 1999. Bruce "A" Reactors taken out of service and "mothballed" i.e. no scheduled date for return to service.

November, 1997

White paper "Direction for Change-Charting a course for Competitive Electricity and Jobs in Ontario"

January-February, 1998

Ice storm in Ontario and Quebec devastates electrical system, many areas(600,000 customers) without power for six weeks.

California deregulation goes into effect

Market Design Committee (MDC) established to advise government on market rules

Numerous Market Design Committee "consultations"continue with stakeholders in the Energy market. Later, it turns out that Enron representatives are represented on some of the advisory committee.

October 30, 1998

Electricity Act (Schedule A of Energy Competition Act) receives Royal Assent

November 7, 1998

Subsection 32(1) of the Electricity Act is proclaimed in force, providing for Rules for Grid and Market operation.

Ontario Hydro receives 16% return on investment in Luz del Sur (Peru).

Late January, 1999

Market Design Committee submits Draft Market Rules

June 23, 1999

Final Annual Report of Ontario Hydro indicates debt of C$30.5billion has steadily dropped from C$34.7billion in 1994

April 1, 1999

Energy Competition Act takes effect: Ontario Hydro broken into Ontario Power Generation (OPG), Ontario Hydro Services Company (OHSC), the Independent Market Operator(IMO) and the Electrical Safety Authority (ESA)

December 31, 1999

Y2K fears.

December, 2009

Energy Competition Act (and statutes "Electricity Act" and the "Energy Board Act") supersedes Power Corporation Act, ending Ontario Hydro's statutory existence.

Pickering "A" Nuclear Generating station, not returned to service as scheduled.

January 1, 2000

Y2K passes without incident

February 18, 2000

First issue of Market Rules for the Ontario Electricity Market.

May 1, 2000

Hydro One's work force reduced by 1,400 employees or about 25 per cent of the total regular work force through voluntary retirement program.

November 28, 2000

RBC Dominion reports that Alberta electricity prices increased from average $14.50 per MWH in 1996 to average $223.80 in fourth quarter of 2000. Alberta government announces residential and commercial electricity rates would be held constant for one year.

January 1, 2001

Alberta commences full retail competition.

California experiencing blackouts

March 13, 2001

Hydro One announces 2000 Financial Results. Revenues totaled $2,995 million versus $3,125 million in 1999. During 2000, Hydro One acquired 88 municipal electric utilities

May, 2001

Government of Ontario leases Bruce Nuclear Power Development to British Energy for approximately $1.8 billion for 18 years, with public responsibility for the billions of dollars of decommissioning costs. Annual revenue for 3,000 megawatts at regulated rates is approximately $1 billion; unregulated rates could almost double this sum. Two extra units are expected on line next summer. Thus, total revenue over 18 years of between $30 and $60 billion, which could have been used to retire the Hydro debt, was handed over to a private foreign corporation.

October 31, 2001

Official Opposition leader Liberal Dalton McGuinty invites energy barons to reception ($350 per person): "Throughout Ontario's electricity restructuring process, Dalton and the Ontario Liberals have been consistent supporters of the move to an open electricity market in Ontario."

November, 2001

Energy Minister Baird announces the province will go ahead with a $500 million tunnel under Niagara Falls to first supply more water to the existing electrical production facilities, then act as a feed for the third station.

December 10, 2001

Florida Energy 2020 Study Commission recommends that their market not be open to competition.

December 12, 2001

Premier Mike Harris announces plans to sell the province's electricity grid (Hydro One), and open the $10-billion electricity market to competition as of May 1, 2002.

2002

Hydro One profit was $258 million in 2001

California experiencing "rolling blackouts"

January 1, 2002

Private owner of publicly built highway 407 allowed to increase toll for fourth time. Minister Stockwell had originally said that there was "no business case" for selling it.

Retailers sell fixed price electricity contracts for 5.7cents/kWh compared with Ontario Hydro energy cost of 4.3c/kWh

February 12, 2002

Leadership candidate Elizabeth Witmer is mocked by fellow Tories during leadership debate when she expresses doubts about hydro deregulation.

February 13, 2002

FERC approves sale of transmission rights for 975MW Lake Erie HVDC link connecting grid near Simcoe, Ontario with the U.S. at either, or both, of Springfield, Pennsylvania, and Ashtabula, Ohio.

Hydro One Networks Inc. and Cap Gemini Ernst & Young Canada Inc. have announced an agreement that will result in Inergi LP managing and operating existing business processes and technology enabled services for Hydro One.

March 21, 2002

California requests additional US$13billion refund from power giants. California State had to negotiate US$43billion of of long-term energy contracts during the crisis.

March 22, 2002

California Public Utility Commission ends experiment with energy deregulation, retroactive to September 20.

March 25, 2002

Sir Adam Beck, with assistance of OEC, writes to congratulate Premier Eves on assuming Premiership, and urges him to rescind the sell-off of Public's Hydro assets by his predecessor.

March 28, 2002

Province files preliminary prospectus for sale of shares of Hydro One

April 3, 2002

OEC challenges secret study by C.D.Howe study by F. Lazar which claims there will be benefit from open market.

April 11, 2002

OEC launches advertising campaign. Thousands call and e-mail politicians

April 15, 2002

Ernie Eves, recently returned from stint at Bank Credit-Suisse-First Boston, sworn in as premier.

April 19, 2002

Superior Court Justice Arthur Gans rules province has no legal authority to sell off its electricity grid, Hydro One.

April 30, 2002

Government holds sham hearings across province in preparation for new bill to privatize Hydro One. Energy Minister Chris Stockwell bolts from public hearings on privatization of Hydro One amid heckling

May 1, 2002

Electricity generation market finally opens to competition, following two previous deferred openings.

May-June, 2002

Prices fall below pre- open-market price of 4.3 cents per kilowatt hour.

May 29, 2002

Government introduces legislation to skirt court ruling so it can sell Hydro One.

June, 2002

42 Ontario city and town councils, representing 6 million citizens, pass resolution opposing opening of market. Thousands of Ontarians continue to call and e-mail Conservative politicians.

June 4, 2002

All external members of the Board of Directors of Hydro One, including chairman Sir Graham Day, resign on the heels of legislation introduced in the Legislature to fire the directors.

June 11, 2002

Interim Hydro One board appointed

June 12, 2002

Eves kills plan to sell Hydro One, says province will maintain majority share in company.

June 27, 2002

Government passes laws to sell Hydro One and fire board of the transmission utility.

July-September, 2002

Demand for power reaches record levels amid unusually hot weather. Bills shoot up.

July 3, 2002

Stockwell pleads with public to conserve power.

July 19, 2002

Board of Hydro One terminates CEO Eleanor Clitheroe for cause over out-of-control spending. Tom Parkinson appointed President and COO.

August 10, 2002

John Spears, Toronto Star reports that "out-of-province" electricity generators getting paid up to $2 a kilowatt hour for electricity, while Ontario generators getting at most 47 cents. Investor Duane Cramer Sithe Energies Canada VP says says Sithe is now reflecting on its options for the gas-fired plants it plans for Ontario.

August 15, 2002

Government announces new board of directors for Hydro One. Glen Wright (Chair) Geoff Beattie, Rita Burak,Murray Elston, Dr. Murray Frum, Don MacKinnon, Eileen Mercier, Dr. Heather Munroe-Blum, Hon. Bob Rae, Kenneth D. Taylor, Adam Zimmerman

August 22, 2002

Eves splits energy and environment portfolio. John Baird takes over as energy minister.

September 9, 2002

Market supply operator implements three per cent voltage cut lasting 20 minutes.

October, 2002

Opposition begins almost daily attacks on Eves government over personal hardship caused by high prices.

October 7, 2002

Independent Electricity Market Operator warns Ontario faces ``serious shortage'' of generating capacity.

November 5, 2002

The Stakeholders Alliance of Electricity Competition & Customer Choice (SAC) David MacFadden believes Ontario is on the right track but reforms in the market are necessaryto overcome serious impediments to achieving success.

November 11, 2002

Eves proposes measures to protect consumers from skyrocketing hydro bills, a freeze on rates and rebates to May 1 for consumers who paid rates above the cap. Bill requires "for-profit" utilities to confirm their status or revert to "non-profit" which limits fundraising capability for maintenance or development - a catch 22. Disconnections for unpaid Bills disallowed until April 1.

November 15, 2002

The Toronto Board of Trade, a long-time proponent of an open electricity market, firmly believes that the imposition of new terms and conditions on Ontario's recently opened electricity market is a mistake.

December 9, 2002

Legislature passes Bill 210 into law, essentially closing retail market.

December, 2002

Ontario paid $110 million to generator companies in December to subsidize power

January 9, 2003

OEC reacts to Toronto Star report that Federal Government officials are now preparing a proposal that would establish a North American energy zone.

January 20, 2003

Eves announces that none of Hydro One will sold.

OEC release: "Eves has been forced by public pressure to keep Hydro One public but he is still pushing ahead with the worst of his electricity policy: for-profit, electricity generation in a deregulated electricity market. The big cost on your Hydro bill is the cost of generating the electricity - and that's where the big profits are for private producers."

January 22, 2003

Ontario consumed 24,158 megawatts of power Wednesday, the highest since January 1994 The price of electricity rose to $122.18 a megawatt at 2 p.m. in Toronto, more than double the average price of 51.62 since the electricity market was opened to competition May 1, and almost triple the provincial cap of $43

February, 2003

Sault Star reports POWER (People Opposing Whitewashing Electrical Rates) group oppose high Great Lakes Power (Brascan) electricity costs. Wawa City supports residents following door-to-door survey indicating that 52 per cent would place their hydro payment into escrow to protest the high cost of electricity since deregulation

Number of unpaid hydro bills skyrockets. Many utilities in financial difficulty.

Ottawa Electrical Utility declares itself "for-profit" under protest. Limits dividend to $1.

OEC recommends public utilities to commit to profit under protest, and posts proposed resolution (see "Articles").

February 4, 2003

Hydro One 2002 year end results show net income of $344 million and revenues of $4,044 million. Revenue increased $578 million or 17%, over last year, to $4,044 million for year 2002.

February 14, 2003

Due to parent British Energy financial difficulty in UK, 82.4% stake in Bruce Power sold. Cameco acquires additional 16.6 per cent interest, for a total of 31.6%, and unions get increased share.

Holdings are: TransCanada PipeLines Limited (31.6 per cent); BPC Generation Infrastructure Trust (OMERS)(31.6 %), The Power Worker's Union (4.0%) and The Society of Energy Professionals (1.2%). As well, the consortium acquired British Energy's 50% interest (with OPG 50%) in Huron Wind, Ontario's first commercial wind farm with five 1.8 MW turbines.

February 21, 2003

Hydro-Quebec study of electricity rates in 11 Canadian cities shows Edmonton with highest average residential consumer electricity price, 11.18 cents per kilowatt hour, as of May 1, 2002. Industrial Association of Southern Alberta say botched deregulation is to blame for soaring power prices

February 25, 2003

Campbell family, private owners of Gananoque Hydro, informs Energy Board they will cease business February 28, and resists takeover by interim authority as "an act of trespass and expropriation without compensation."

February, 2003

IMO reports that Weighted Average electricity price for month of February is $88.59/MWh, compared with pre-market price of $43.

March 31, 2003

Government freeze on disconnections comes to an end. "Our government has taken concrete steps to protect consumers, including freezing the price of electricity at 4.3 cents per kilowatt hour and providing immediate relief to the majority of consumers with a $75 rebate cheque," said Energy Minister John Baird. "Consumers who are in arrears must act responsibly and contact their local utility to settle any outstanding accounts. The reality is electricity is not free."

April, 2003

Inquiry called to look into Pickering "A" NGS, nearly 3 years overdue and $1.2 billion over budget. Inquiry by Chier Jake Epp (former Conservative Energy Minister under Mulroney), Robin Jeffery (former head of British Energy, operators of leased Bruce NPD) and Peter Barnes (former secretary to Ontario Cabinet). One unit scheduled to restart later this year.

April 2003 IMO reports Year-to-date Weighted Average price of electricity was $62.18/MWh for energy, but with other charges (Market Service Charges, Transmission costs, and Debt Retirement charges) the consumer bill would look like $84.74/MWhh.

April 9, 2003

The Board of Directors of Hydro One Inc appoints. Tom Parkinson as President and Chief Executive Officer of Hydro One Inc.

May 14, 2003

Throne speech includes only 3 lines about Electricity system, Conservatives (and Liberals) want to avoid it being an issue.

May 25, 2003

Expected call of Provincial election delayed, ostensibly due to SARS crisis return, but likely due to PC unpopularity in polls.

May 26, 2003

IMO warns of need to import more electricity this summer

May 30, 2003

Energy Minister John Baird appoints panel to look into delays and cost overruns for the 2,000MW Pickering A Rehabilitation, and to make recommendations. The Panel is chaired by Jake Epp (former Fed Min of Energy), Peter Barnes is the chair of George Brown College Dr. Robin Jeffrey worked with Bruce Energy which was a partner in Bruce Power. The report is scheduled for December 31, 2003.

June 3, 2003

Transalta buys $24m excess transmisson contracts due to computer error.

Government selects proposals for portable generators (total 409MW) in Southern Ontario. Estimated cost $100million (excluding energy costs) surprises Eves. Three of seven bidders had donated to Tory party, including Toromont-Cat ($821), TCPL ($7500) and Toronto Hydro ($349)

June 4, 2003

Vice-Chair Rita Burak (Pres & CEO of Network Executive Team) appointed interim Chair of Hydro One Inc., replacing Glen Wright.

June 16, 2003

Former Energy Minister Stockwell resigns as minister of environment and government house leader pending investigation by integrity commissioner Justice Coulter Osborne into financing by Ontario Power Generation of Stockwell trip to Europe in summer of 2002.

June 20, 2003

Ontario Energy Board fines Direct Energy ( $157,500 for 21 offences) and Ontario Energy Services Co. ($75,000 10 contraventions)

June 24, 2003

IMO 18mo outlook indicates possible severe shortages for July, reports that Pickering units are not expected to return to sevice on schedule. Toronto Star reports that costs to date for refurbishment of Pickering A are C$2.5billion, which is C$1.3 over budget.

June 25, 2003

US Federal Energy Regulatory Commission (FERC) votes to strip bankrupt Enron Corp. of some of its rights to trade electricity and natural gas after finding the company manipulated electricity prices during California's energy crisis of 2000-01. Enron will be allowed only to "wind down". In March a FERC staff report found that ENRON unfairly gained US$3.2billion from manipulating the Gas market

June 27, 2003

Ont Govt establishes Electricity Conservation and Supply Task Force to look at new ways to attract generation, and to identify mechanisms for demand-side reduction, and conservation.

Co-chairs Gunnars Cecksters (Enersource) and Peter Budd (Chair of Ontario Energy Association, a pro-open market association of energy suppliers) and 16 other members, mostly with an interest in, or supporters of an open market. Two one-day public hearings are promised.

July 15, 2003

Atlanta-based Mirant filed Chapter 11 after it was unable to persuade its creditors to extend their loans. At $19.4 billion It is the 11th largest bankruptcy in U.S. history.

July 28, 2003

The two largest US banks, Citigroup Inc and J.P. Morgan Chase & Co agreed to pay a total of $308 million to settle federal and state charges that they helped Enron manipulate financial statements. Last March, Merrill Lynch & Co. paid $80 million to settle SEC charges that Merrill and four of its executives helped Enron fraudulently book income. [NY Newsday.com July29 2003]

August 14, 2003

The largest blackout ever to hit North America, leaves 50 million people without electricity for 24 hours. Originating with a fault in the deregulated state of Ohio, it quickly spread to Ontario, New York, and Philadelphia, and Michigan. It took Ontario nearly a week to lift the Emergency status.

August 28, 2003

Transformer fault blacks out London |England]

September 10, 2003

Ben Glisan, treasurer of Enron Corporation pleaded guilty to a federal conspiracy charge and became the first executive sentenced to prison in the scandal that toppled the energy giant. He was sentenced to the maximum penalty of five years. [From the Toronto Star 11 Sept 2003, page D2]

September 25, 2003

After deferring the issue since April to May to June to July to September, Toronto City Council voted to reconsider its position in favour of for-profit City Hydro, request the Government of Ontario to: rescind Bill 210 which disadvantages non-profit utilities, abandon it splan to deregulate and privatize Ontario's electricity system; stop the sell-off of public generating stations and local hydro utilities; stop paying higher deregulated prices to electricity producers; and implement genuine energy conservation policies and expand clean renewable energy resources.

September 28, 2003

Blackout in Italy after a tree brings down a line on an interconnect from Switzerland

September 2, 2003

Eves calls election

October 2, 2003

Ontario Election: Eves Government swept out by Liberals under Dalton McGuinty. Dwight Duncan MPP for Windsor, appointed Energy Minister

October 30, 2003

In a speech to the Empire Club and following an audit of the Provincial books revealing a $5.6billion deficit, McGuinty announces that he will abandon his promise to maintain the electricity price freeze.

It is also revealed that the Eves government had intended to raise money to cover the secret $5.6 billion deficit by arrangements with the private sector to buy outright, or benefit from the income of, the LCBO and Hydro One.

November 25, 2003

Contrary to a pre-election promise to maintain the energy freeze till 2006, the month-old Liberal government introduced legislation (Ontario Energy Board Amendment Act) lifting the cap of 4.3 cents per kilowatt hour. As of April 1, 2004, electricity rates will be 4.7 cents per kilowatt hour - for the first 750 kilowatt hours of power used. Anthing above that will cost 5.5 cents per kilowatt hour.

This means it will cost an extra $3 a month for a home that uses 750 KwHr. The average Ontario home uses about 860 KwH a month. Energy minister Dwight Duncan says the cost of maintaining the "freeze" (subsidizing energy producers) is about $700 million dollars a year.

December 4, 2003

Energy Minister Dwight Duncan today released the Report of the Pickering A Review Panel. The investigation was chaired by Jake Epp, former Federal Conservative Energy Minister.Minister Duncan accepted the resignations of OPG's Chairman, Bill Farlinger, the CEO, Ron Osborne, and COO, Graham Brown. An interim CEO, Richard Dicerni, who currently serves as Executive Vice-President and Corporate Secretary of OPG, has been appointed. In addition, a Shareholder Resolution has been passed which limits the power of the Board and ensures that all major decisions are approved by the shareholder.

January 14, 2004

A report by Courtney Pratt, CEO of Stelco, formerly Toronto Hydro, formerly Hydro One warns the Liberal Government of insufficient power in just two years because the consumption of electricity keeps rising while supply remains nearly stagnant and much of the generation capacity is reaching pensionable age with no replacements in sight.

The task force advises that Ontario maintain its coal plants until adequate new plants are in place or conservation measures yet to be announced have reduced demand. The Liberals have promised to remove them from service by 2007.

January, 2004

Andrew Fastow, Enron’s former chief financial officer, pleads guilty to two counts of fraud in a plea bargain with prosecutors. Fastow agreed to cooperate in future investigations and received a 10-year prison sentence

February 19, 2004

Former Enron chief executive officer Jeffrey Skilling was indicted on 35 counts of fraud, conspiracy and insider trading. He was released after posting a $5 million bond. Former chief accounting officer Richard Causey, previously indicted in January on six counts of fraud, was also charged in this new indictment. The indictment said Skilling between 1998 and 2001 received about $200 million from the sale of Enron stock and stock options, netting more than $89 million, and received more than $14 million in salary and bonuses.Causey reportedly received $14 million from stock and stock option sales, netting more than $5 million, and received more than $4 million in salary and bonuses.

Kenneth Lay, chairman of Enron’s board of directors and CEO of the company is yet to be indicted

March 3, 2004

The Ontario Energy Board says the government should set up a conservation agency to help industries and residents reduce their use of electricity and fund its operations through a charge on power.

March 18, 2004

A 3 person commission that scrutinized Ontario Power Generation, led by former Deputy Prime Minister John Manley, former Bank of Nova Scotia Chairman Peter Godsoe, and Jake Epp, a former Ontario Energy Minister issues report which recommends, among other things:

1. Continue with repair of Pickering Unit One at $600m
2. Plan to build new nuclear units in the future, with private capital participation
3. disallow government interference in the operation of Hydro.

April 15, 2004

McGuinty government announces the formation of Ontario Power Authority with policies for the primary goal to create confidence among investors. The price of power next year will be based on a blend of regulated power price, plus the variable market established price of private power suppliers. According to the IMO, since the market opened, the hourly price has averaged 51cents per KWh.