Hydro Ottawa loses $1.5M on a speculative investment in Streetlight Intelligence Inc

 

Ottawa Taxpayer Advocacy Group
FOR IMMEDIATE RELEASE

 

Ottawa, Apr 25 - "Now that trading of Streetlight Intelligence stock has been suspended it's clear that Ottawa Hydro ratepayers have lost their full $1.5M investment in the company" says Mike Maguire, Municipal Finance critic for OTAG, Ottawa Taxpayers Advocacy Group.

 

Maguire stated, "City of Ottawa residents should be asking their Councillor how appropriate it is to have Hydro Ottawa investing in penny stocks especially in light of the additional burdens that Council has placed on Hydro customers in the form of the $10M/year interest on the Hydro Ottawa Endowment Fund loan and, the $12-18M/year excess charges Hydro Ottawa customers pay so that the City of Ottawa can receive a 'dividend' from the electric utility.

 

"At this point Council needs to direct the Hydro Ottawa Holdings board to review the Hydro Ottawa strategic plan and to eliminate any further speculation in the stock market using ratepayer funds", said Maguire.

 

Maguire further explained that with skyrocketing hydro rates it would be very appropriate for Council to have a substantive debate about the role of the municipal hydro utility and how electricity costs can be contained for small business and fixed income ratepayers.

 

For more information, please contact:

 

Mike Maguire
Municipal Finance Critic
Ottawa Taxpayer Advocacy Group
Telephone: (613) 277 4829
Email: mike.maguire@rogers.com