Ontario's Premier outsourced evaluating the optimal use of public assets to an unelected council led by former retail banker and Bay Street titan Ed Clark. Clark's council reported, in April:
...the integrated Hydro One transmission and distribution business would likely command a fully distributed equity valuation of between $13.5 billion and $15 billion in a public offering, excluding Hydro One Brampton. We believe this valuation is a conservative range in the context of today’s market.In the spring Clark envisioned $9 billion of cash from a share sale (60% of $15 billion), "with $5 billion going to pay the utility's debt and $4 billion being channelled into infrastructure projects."
The revised prospectus came out last week anticipating a share offer at $19 and $21- making the value of Hydro One's 595 million common shares $11.3 -$12.5 billion - but this valuation comes only after the government gives $2.6 billion to Hydro One, and Hydro One gives the government $800 million.  Adjusted for cash exchanges prior to the closing of the deal:
- the valuation of Hydro One is more realistically $9.5-$10.7 billion
- the valuation of the 60% of the company to be sold is therefore $5.7 to $6.4 billion
“We are going to be able to track the projects that we are building. People are going to be able to look at how much money is coming in and where that money is being spent.” Premier Kathleen Wynne
There's a con here.