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Province Considering Selling Crown Corporations

Facing its largest-ever deficit, the provincial government is looking into selling key Crown corporations to raise revenue.

Hydro One, the Ontario Lottery and Gaming Corporation, the LCBO and Ontario Power Generation are all being considered for sale, according to a published report. The province has hired two banks, CIBC World Markets and Goldman Sachs, to prepare reports on the potential sales.

The idea of creating a “super-corporation” is being floated. It would hold a number of provincially-owned entities and sell a stake to public investors.

The sale of Crown corporations isn’t expected to go over well with voters or unions.

The province is facing a staggering $24.7 billion debt for 2009-10.