Horwath calls Hydro One IPO 'irresponsible, undemocratic'

Ontario NDP leader Andrea Horwath came out swinging at the Liberal government Fridayfor what she calls the "irresponsible" sell-off of Hydro One.

Her reaction cameone day after the utility announcedplans to issue more than 81 million shares next Thursday priced at $20.50 each, and a report by the province's financial accountability officer questioning the long-term wisdomof thesale.

• Hydro One shares go on sale next week at $20.50
• Hydro One announces share issue hours after critical report released

"The past twenty-four hours have seen what may be the most irresponsible, undemocratic and arrogant behaviour by a government and a premierin the history of our province," Horwathtold a news conferencethis morning. "The premierchose to ignore the evidence."

The initial sale of shares is expected togenerate billions of dollars for the province.

Premier KathleenWynnesays the partial sale is necessaryto fund the expansionof transit and other infrastructure.

But the report by theprovince's financial accountability officer, Stephen LeClair, saysit's unclear if the impact on the province's budget will be positive or negativeas more shares are sold.

Wynneunavailable for questions

When all is said and done andthe Liberals have sold the 60 per cent of Hydro One they plan to put on the market, the budgetaryimpactwill ultimately be a negative one, LeClair says.

Meanwhile, PremierWynneis getting set toheadout of the country on a 15-day trade mission to California and Chinatopromote investment in the province. That means shewon't be available to answer questions in the legislature about the sale before the initial public offering next week.

For Horwath, the trip's timing is no coincidence.

"She should be here," Horwath said Fridayto reporters. "She should be living up to her obligations as premierof this province and responding to not only my questions and questions here in the legislature and your questions."