Newspaper article The Canadian Press

Minister Says $80M Loss by IESO Was Because of Changes in Accounting Practices

Newspaper article The Canadian Press

Minister Says $80M Loss by IESO Was Because of Changes in Accounting Practices

Article excerpt

IESO reports $80M loss from accounting change

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TORONTO - Ontario's energy minister says an $80 million actuarial loss reported by the Independent Electricity System Operator was due to a change in accounting practices on the calculation of pension liabilities.

The IESO, which oversees Ontario's electricity market, says the accounting changes were implemented in 2011, and it recovers the loss by increasing fees for its accumulated deficit by up to $5 million a year.

Progressive Conservative energy critic John Yakabuski says the $80 million loss is being passed on to electricity ratepayers, and he blames the Liberals for the situation, saying it was their decision to change accounting practices.

But Energy Minister Glenn Thibeault told a legislative committee today that the actuarial loss reported by the IESO will not mean any "additional increases" in residential electricity rates. …

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