ONTARIO Hydro's newly appointed chairman, Maurice Strong, has initiated steps to reduce the corporation's debt and review its operations, including its nuclear programme. Ontario Hydro, Canada's largest power corporation, owes US $29 billion. It raised its rates by 11.8 per cent in 1992 and in addition shelved expansion plans, retrenched 1,950 workers, froze unsigned private sector projects and shut down two generating units.
The corporation's nuclear programme -- which led the Indian government to adopt its CANDU model at Tarapur -- is beleaguered financially and technically. The Bruce nuclear station needs US $2.41 billion for refurbishment and the Darlington station, which is five years behind schedule, is US $9.11 billion over budget as well.
We are a voice to you; you have been a support to us. Together we build journalism that is independent, credible and fearless. You can further help us by making a donation. This will mean a lot for our ability to bring you news, perspectives and analysis from the ground so that we can make change together.
Comments are moderated and will be published only after the site moderator’s approval. Please use a genuine email ID and provide your name. Selected comments may also be used in the ‘Letters’ section of the Down To Earth print edition.