But Queen's Park still hasn't said how that might work. The province is ultimately responsible for Hydro's huge debt load, which won't be getting any smaller during the overhaul. Hydro bonds are guaranteed by the government. Two major bond raters confirmed their ratings for the province and Ontario Hydro yesterday, but pointed to challenges ahead. Hydro's nuclear, hydro and fossil-fuel plants generate more than 90 per cent of the average daily electricity supply for Ontario.
Independent producers make up the rest.
Hydro rivals would then be able to send their power to customers. Top officials at Ontario Hydro have voiced strong public support for competition. Chairman William Farlinger said the utility would have to meet the rates of would-be competitors. But big companies, such as Falconbridge Ltd., that buy surplus Ontario Hydro power at lower rates, may not have as much of it to choose from after the reactors shut down. That could mean higher prices, said Lauri Gregg, energy and technical services manager at the mining company.