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Friday, May 31, 2013

A busy day of ONTC developments

Speculation was growing over the past 24 hours as to what might happen to the ONTC divestment debate. The media's curiosity was piqued when Vic Fedeli called a press conference for this morning, where he planned to announce a new discovery in the paper trail previously reported here.

Fedeli did not disappoint. Citing newly-released internal government documents, the Opposition's energy critic accused the government of completely misrepresenting the financial reasoning for the divestment process. While the McGuinty government claimed that the divestment would save $265 million, Fedeli's research indicates that the government in fact estimates that the divestment would cost over $790 million, mainly due to pension liabilities. This would negate the entire rationale behind the divestment process.

In the news conference, Fedeli reiterated his call for the government to halt the "charade" and to support the ONTC as the "economic engine of the north."

In an unrelated development, the CBC is reporting that there is no longer a timeframe for the sale of Ontera, suggesting that the whole process is being reconsidered.

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