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And shareholders have been bailing: the shares closed Friday at $18.84 — an all-time low. (They are trading lower on Monday.) That slide in the share price has cost the province hundreds of millions of dollars in lost value. (From the all-time share price peak of $26.59, the losses are more than $1 billion, by any measure a large number. And much more than what was saved by trimming a few salaries at head office. The big picture is always more important than the short term.)

Late Friday the Ministry of Energy provided us with the answers to our questions. They are presented verbatim. Readers can decide for themselves whether they make sense.

What is the rationale for the changes at Hydro One in regard to compensation, to changes to the OEB’s methods and to giving the government immunity from litigation?

The government is committed to reducing residential hydro rates by 12 per cent. Every action that the Government of Ontario takes to reduce the cost of electricity will get passed on to ratepayers.

That is why the Government of Ontario recently passed Bill 2, Urgent Priorities Act, 2018, that enhances the transparency and accountability with respect to Hydro One board and executive compensation through the Hydro One Accountability Act, 2018.

This legislation requires Hydro One’s board, in consultation with the Province and top five other shareholders, to develop a new compensation framework for the board of directors, CEO and other executives within six months of this requirement being proclaimed into force. The new compensation framework would also require the approval of Management Board of Cabinet before it could be put into effect.