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Bill 87, Fixing the Hydro Mess Act, 2019

Rickford, Hon. Greg Minister of Energy, Northern Development and Mines

Royal Assent received. Statutes of Ontario 2019,

chapter 6

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Bill 87 Royal Assent (PDF)

EXPLANATORY

NOTE

This Explanatory Note was written as a reader’s

aid to Bill 87 and does not form part of the law.

Bill 87 has been enacted as

Chapter 6 of the Statutes of Ontario, 2019.

The

Bill amends various Acts. The major elements of the Bill are described below.

Schedule 1

Electricity Act, 1998 and Ontario Energy Board Act, 1998 (Procurement

Contracts)

The

Schedule amends the Electricity Act, 1998 with

respect to the funding of amounts payable by the IESO to entities under

procurement contracts. Some or all such amounts as may be prescribed by

regulation that are payable under such procurement contracts as may be

prescribed by regulation that are entered into by the IESO under clause 25.32

(2) (a), (

b) or (

c) of the Act (respecting electricity supply, capacity or

storage; changes in electricity demand; measures related to the conservation of

electricity or the management of electricity demand) may, under subsection

25.34 (2), be paid for out of money appropriated for the purpose by the

Legislature instead of being recoverable under

section 25.33 through billings.

The amendments providing for this method of funding may be repealed on

proclamation of the Lieutenant Governor.

addition, the

Schedule amends

section 25.33 of the Act to

provide that amounts payable under procurement contracts entered into under

clause 25.32 (2) (

d) of the Act (respecting transmission systems) are not to be

recovered under

section 25.33 through billings. Instead,

section 78 of the Ontario Energy Board Act, 1998 is amended to provide that

the Ontario Energy Board shall provide for the recovery of those amounts when

approving or fixing rates for the transmitting of electricity.

Section 97.3 is

added to the Ontario Energy Board Act, 1998 to

provide that those amounts and other specified matters shall not be the subject

of review by the Board on an application for leave under

section 92.

Finally,

the

Schedule provides that Wataynikaneyap Power GP Inc. is exempted from

certain provisions of the Crown Forest Sustainability Act, 1994 in

respect the Wataynikaneyap Power Transmission Project.

Schedule 2

Ontario Energy Board Act, 1998 (Governance)

The

Schedule amends the Ontario Energy Board Act, 1998

to change the Board’s corporate governance structure. Subsection 4 (5) of the

Act provides for the members of the Board to be a board of directors, a chief

executive officer, commissioners (including a chief commissioner) and any other

person or class of persons prescribed by the regulations. Sections 4.1 to 4.3

of the Act are re-enacted to provide for the appointment of the members of the

Board, and complementary amendments are made throughout the Act to reflect the

restructuring. The amendments to the Act made by the

Schedule provide that,

generally speaking, the board of directors exercises the powers of the Board

with respect to its administrative functions, and panels of commissioners

assigned by the chief commissioner for the purpose exercise the powers of the

Board with respect to its adjudicative and regulatory functions. The chief

executive officer is granted specific powers, including the power to make rules

under

section 44 of the Act and the power to issue codes under

section 70.1 of

the Act. Various transition provisions are included to address the transition

from the current governance structure to the one provided for by the Schedule,

including the addition of a regulation-making authority to address transition

matters (subsection 127 (6) of the Act).

Consequential

amendments are made to the Energy Consumer Protection Act,

2010 .

SCHEDULE 3

ONTARIO FAIR HYDRO PLAN ACT, 2017

The

Schedule amends the Ontario Fair Hydro Plan Act, 2017 .

The

Act currently establishes a framework under which the costs and benefits

associated with specified Government of Ontario policies are allocated among

present and future consumers of electricity. The

Schedule replaces that

framework with one under which the Crown and Ontario Power Generation Inc. are instead

required to pay specified amounts to the Fair Hydro Trust. The following are

some of the features of the new framework:

1. Ontario

Power Generation Inc. is required to continue to act as the Financial Services

Manager.

2. The

Schedule provides that Fair Hydro Trust is the only financing entity and that

no other financing entities may be established under the Act.

3. The

Financial Services Manager and the Fair Hydro Trust are prohibited from incurring

further funding obligations.

4. The

Financial Services Manager must perform specified duties, including

administering the investment asset on behalf of the Fair Hydro Trust. The

Financial Services Manager must amend the Financing Plan, having regard to

specified principles.

Section

25 of the current Act creates a regulatory asset;

section 26 of the current Act

authorizes the IESO to transfer a specified portion of the regulatory asset to

a financing entity. The

Schedule provides that a transfer under the current Act

constituted a valid and enforceable absolute assignment, conveyance and sale of

the corresponding ownership interest in the investment asset to the Fair Hydro

Trust.

6. Provisions

are included to provide protection from liability for various parties,

including specified consumers and electricity vendors.

The Electricity Act, 1998 and the Ontario Energy Board Act, 1998 are also amended to

address consequential matters.

Schedule 4

Ontario Rebate for Electricity Consumers Act, 2016

The

Schedule amends the Ontario Rebate for Electricity

Consumers Act, 2016 in order to provide that the financial assistance to

be paid or credited under the Act, and the determination of which consumers are

entitled to that financial assistance, are to be set out by regulations made

under the Act by the Lieutenant Governor in Council. In addition, amendments

are made to

section 4 of the Act, and to the regulation-making authority of the

Minister of Energy, Northern Development and Mines in relation to

section 4,

with respect to invoicing requirements related to the financial assistance paid

or credited under the Act. Finally, references to the Minister of Energy are

updated.

Bill 87 2019

Act to amend various statutes related to energy

Contents

of this Act

Commencement

Short

title

Schedule 1

Electricity

Act, 1998 and Ontario Energy Board Act, 1998 (Procurement Contracts)

Schedule 2

Ontario

Energy Board Act, 1998 (Governance)

Schedule 3

Ontario

Fair Hydro Plan Act, 2017

Schedule 4

Ontario

Rebate for Electricity Consumers Act, 2016

Her

Majesty, by and with the advice and consent of the Legislative Assembly of the

Province of Ontario, enacts as follows:

Contents

of this Act

This Act consists of this section, sections 2 and 3 and the Schedules to this

Act.

Commencement

(1) Subject to subsections (2) and (3), this Act comes into force on

the day it receives Royal Assent.

(2) The

Schedules to this Act come into force as provided in each Schedule.

(3) If

a

Schedule to this Act provides that any provisions are to come into force on a

day to be named by proclamation of the Lieutenant Governor, a proclamation may

apply to one or more of those provisions, and proclamations may be issued at

different times with respect to any of those provisions.

Short

title

The

short title of this Act is the Fixing the Hydro Mess

Act, 2019 .

Schedule 1

Electricity Act, 1998 and Ontario Energy Board Act, 1998 (Procurement

Contracts)

Electricity

Act, 1998

The definition of “procurement contract” in subsection 2 (1) of the Electricity Act, 1998 is repealed and the following

substituted:

“procurement

contract” means a contract entered into by the IESO under

section 25.32; (“contrat

d’acquisition”)

Subsection 25.32 (2) of the Act is amended by striking out the portion before

clause (

a) and substituting the following:

Entering

into contracts

(2) The

IESO shall, if required to do so under an implementation plan, a directive

issued under subsection (5) or a direction continued under subsection (9) or

(10), as amended, and may, if an implementation plan provides the authority to

do so, enter into contracts for the procurement of,

. . . .

(1) Clause 25.33 (1) (

b) of the Act is amended by striking out

“amounts funded under

section 25.34” and substituting “amounts listed under

subsection (2.1)”.

(2) Clause

25.33 (2) (

b) of the Act is amended by striking out “amounts funded under

section 25.34” and substituting “amounts listed under subsection (2.1)”.

(3) Section

25.33 of the Act is amended by adding the following subsection:

Excluded

amounts

(2.1) The

following amounts are excluded from clauses (1) (

b) and (2) (b):

1. Amounts

funded under

section 25.34.

2. Amounts

paid under procurement contracts entered into under clause 25.32 (2) (d).

(1) Subsection 25.34 (2) of the Act is repealed and the following

substituted:

Same

(2) Subsection

(1) applies with respect to the following amounts:

1. Subject

to the regulations, amounts required to be paid by the IESO to an entity as a

result of the termination, in accordance with Order in Council 1003/2018 made

on July 5, 2018, of a procurement contract to which the entity was a party.

2. The

amounts prescribed by the regulations that are paid by the IESO to entities

under such procurement contracts entered into under clause 25.32 (2) (a), (

b) or (

c) as may be prescribed by the regulations.

(2) Paragraph

2 of subsection 25.34 (2) of the Act, as enacted by subsection (1), is

repealed.

(1) Clause 114 (1.3) (

h) of the Act is repealed and the following

substituted:

(

h) for

the purposes of subsection 25.34 (2),

(

i) providing

that certain amounts or portions of amounts are not included in the amounts

referred to in paragraph 1 of that subsection, and specifying those excluded

amounts or portions of amounts or methods for determining them,

(ii) setting

out amounts and procurement contracts for the purposes of paragraph 2 of that subsection.

(2) Clause

114 (1.3) (

h) of the Act, as re-enacted by subsection (1), is repealed and the

following substituted:

(

h) providing

that certain amounts or portions of amounts are not included in the amounts

referred to in paragraph 1 of subsection 25.34 (2), and specifying those

excluded amounts or portions of amounts or methods for determining them.

Ontario

Energy Board Act, 1998

Section 78 of the Ontario Energy Board Act, 1998 is

amended by adding the following subsections:

Same,

amounts payable to transmitters under procurement contracts

(5.3) In

approving or fixing just and reasonable rates for the transmitting of

electricity for a transmitter who is a party to a procurement contract entered

into under clause 25.32 (2) (

d) of the Electricity Act,

1998 , the Board shall apply a method that provides for the recovery of

amounts paid or to be paid to the transmitter under the procurement contract.

Same,

transmission procurement contract costs

(5.4) In

approving or fixing just and reasonable rates for the transmitting of

electricity for a period, the Board shall include the amounts referred to in

subsection (5.3) that apply with respect to that period.

Information

(5.5) The

IESO shall, for the purposes of subsections (5.3) and (5.4), provide to the

Board such information respecting amounts paid or to be paid to transmitters

who are a party to a procurement contract entered into under clause 25.32 (2)

(

d) of the Electricity Act, 1998 as the Board may

require.

The Act is amended by adding the following section:

Procurement

contracts re transmission systems

97.3

(1) In an

application under

section 92, the Board shall accept as valid and not inquire

into the basis of,

(

a) amounts

payable under a procurement contract entered into under clause 25.32 (2) (

d) of

the Electricity Act, 1998 , including the prices and

costs provided for by the procurement contract, and any costs associated with

the procurement contract; or

(

b) any

procurement process relating to a procurement contract referred to in clause

(a).

Same

(2) For

greater certainty, subsection (1) does not otherwise affect the making of a

determination by the Board under

section 96 with respect to the application.

Crown Forest Sustainability Act, 1994

The Crown Forest Sustainability Act, 1994 is

amended by adding the following section:

Exemption

68.1

(1) The

following provisions of this Act do not apply to Wataynikaneyap Power GP Inc. in

its capacity as general partner of Wataynikaneyap Power LP in respect of its

harvesting of Crown forest resources in connection with the Wataynikaneyap

Power Transmission Project that was approved by the Ontario Energy Board on

April 2, 2019:

Section

Section

3. Clauses

58 (1) (

a) and (

d) and clause 58 (1) (

e) as it relates to any contravention of

section 43.

4. Clause

64 (1) (a), clause 64 (1) (

c) as it relates to any contravention of subsection

42 (1) or

section 43 and clause 64 (1) (h).

Repeal

(2) This

section is repealed on a day to be named by proclamation of the Lieutenant

Governor.

Commencement

Commencement

(1) Subject to subsection (2), this

Schedule comes into force on the

day the Fixing the Hydro Mess Act, 2019 receives

Royal Assent.

(2) Subsections

4 (2) and 5 (2) come into force on a day to be named by proclamation of the

Lieutenant Governor.

Schedule 2

Ontario Energy Board Act, 1998 (Governance)

Paragraphs 1 and 1.1 of subsection 1 (1) of the Ontario Energy Board Act, 1998

are repealed and the following substituted:

1. To

inform consumers and protect their interests with respect to prices and the

adequacy, reliability and quality of electricity service.

(1) Paragraph 2 of

section 2 of the Act is repealed and the following

substituted:

2. To

inform consumers and protect their interests with respect to prices and the

reliability and quality of gas service.

(2) Paragraph

6 of

section 2 of the Act is amended by striking out “and the education of

consumers” at the end.

(1) Section 3 of the Act is amended by adding the following

definitions:

“board

of directors” means the board of directors of the Board set out under

section

4.1; (“conseil d’administration”)

“chief

commissioner” means the commissioner who is chief commissioner under

section

4.3; (“commissaire en chef”)

“chief

executive officer” means the chief executive officer under

section 4.2; (“chef

de la direction”)

“commissioner”

means a commissioner under

section 4.3; (“commissaire”)

(2) Clause

(

g) of the definition of “enforceable provision” in

section 3 of the Act is

amended by striking out “by the Board”.

(3) Section

3 of the Act is amended by adding the following definition:

“members

of the Board” means the individuals who compose the Board under subsection 4

(5); (“membres de la Commission”)

Section 4 of the Act is amended by adding the following subsection:

Composition

of the Board

(5) The

Board shall be composed of,

(

a) a

board of directors;

(

b) a

chief executive officer;

(

c) commissioners,

including a chief commissioner; and

(

d) any

other person or class of persons prescribed by the regulations, appointed in

accordance with the regulations.

Sections 4.1, 4.2 and 4.3 of the Act are repealed and the following

substituted:

Board

of directors

4.1

(1) The

board of directors shall manage and supervise the management of the Board’s

business and affairs, and perform such other duties as are assigned to the

board of directors under this or any other Act.

Composition

(2) The

board of directors shall be composed of at least five and no more than 10

members appointed by the Lieutenant Governor in Council.

Restriction

on appointment

(3) A

person who is in a class of persons prescribed by the regulations is not

eligible to be appointed as a director.

Term

of initial appointment

(4) The

first term of office of a person who is appointed to the board of directors

shall not exceed two years.

Reappointment

(5) A

person appointed to the board of directors may be reappointed for one or more

terms of up to three years each.

Directors

to be independent

(6) Each

director shall hold office as an independent director and not as a

representative of any class of persons.

Director’s

duties

(7) Every

director shall, in exercising his or her powers and performing his or her

duties as a director,

(

a) act

honestly and in good faith in the best interests of the Board; and

(

b) exercise

the care, diligence and skill that a reasonably prudent person would exercise

in comparable circumstances.

Chair,

vice-chair

(8) The

Lieutenant Governor in Council shall appoint a chair, and may appoint a

vice-chair, from among the members of the board of directors.

Duties

of chair

(9) The

chair shall,

(

a) oversee

the efficient administration of the business of the board of directors;

(

b) preside

over meetings of the board of directors;

(

c) be

accountable to the Minister for the effective delivery of the Board’s

objectives;

(

d) be

accountable to the Minister for the independence of persons and entities

hearing and determining matters within the Board’s jurisdiction in their

decision-making;

(

e) perform

such other duties as are assigned to the chair under this or any other Act.

Term,

chair and vice-chair

(10) The

chair and vice-chair hold office for the term specified by the Lieutenant

Governor in Council, which shall not exceed his or her term as a member of the

board of directors.

Chair

may delegate to vice-chair

(11) The

chair may in writing delegate any of his or her powers or duties as chair to

the vice-chair, subject to any conditions or restrictions specified in the

delegation.

Acting

chair

(12) The

vice-chair may exercise the powers and perform the duties of the chair if the

chair is absent or unable to act.

Same

(13) If

the chair is absent or unable to act and no vice-chair is available, the

members present shall appoint an acting chair from among themselves.

Quorum

(14) Subject

to by-laws made under clause 4.10 (2) (f), a majority of the board of directors

constitute a quorum.

Committees

(15) The

board of directors shall, in accordance with the by-laws made under

section

4.10, establish an adjudication committee of the board of directors, and may,

in accordance with those by-laws, establish any other committees of the board

of directors.

Adjudication

committee

(16) The

adjudication committee may require the chief commissioner to provide to it such

information it specifies, in the time and manner it specifies, respecting the

efficiency, timeliness and dependability of the hearing and determination of

matters over which the Board has jurisdiction, and shall report the information

to the board of directors.

Exercise

of Board powers, duties

(17) Except

where this Act provides otherwise and subject to the regulations, the powers

and duties of the Board, other than with respect to the hearing and

determination of matters over which the Board has jurisdiction, may be

exercised and shall be performed by the board of directors.

interference

(18) For

greater certainty, no power given to the board of directors or a director under

this or any other Act permits the board of directors or a director to interfere

with or influence the hearing or determination of a matter over which the Board

has jurisdiction.

Delegation

(19) The

board of directors may, subject to any conditions or restrictions the board of

directors specifies and in accordance with the by-laws made under

section 4.10,

(

a) delegate

any of its powers or duties to a committee of the board of directors or to one

or more directors; and

(

b) delegate

any of its powers to manage the Board’s business and affairs to one or more

officers employed by the Board.

Same,

exception

(20) Despite

subsection (19), the board of directors shall not delegate any of its powers or

duties under sections 4.8 to 4.10 and any other provision prescribed by the

regulations.

Same,

limitation

(21) Despite

subsection (19), the board of directors may only delegate its powers or duties

under subsection 26 (1) or

section 26.1 to the chief executive officer.

Transition,

number of appointments

(22) Until

the second anniversary of the day

section 5 of

Schedule 2 to the Fixing the Hydro Mess Act, 2019 comes into force, the

board of directors may be composed of as few as three members appointed by the

Lieutenant Governor in Council, despite subsection (2).

Chief

executive officer

4.2

(1) The

board of directors shall appoint a person to the position of chief executive

officer of the Board.

Duties

of chief executive officer

(2) The

chief executive officer shall be responsible for the efficient and effective

management of the operations of the Board, and shall perform such other duties

as are assigned to the chief executive officer under this or any other Act.

Restriction

on appointment

(3) A

person who is in a class of persons prescribed by the regulations is not

eligible to be appointed as chief executive officer.

Not

a director

(4) The

chief executive officer is an officer of the Board and not a member of its

board of directors.

Participation

(5) The

chief executive officer may attend and participate at any meeting of the board

of directors, but shall not have a vote with respect to any matter to be

decided at the meeting.

Exception

(6) Despite

subsection (5), the board of directors may exclude the chief executive officer

from attending any meeting if a matter to be discussed at the meeting involves

the position, performance or functions and duties of the chief executive

officer.

interference

(7) For

greater certainty, no power given to the chief executive officer under this or

any other Act permits the chief executive officer to interfere with or

influence the hearing or determination of a matter over which the Board has

jurisdiction.

Transition,

appointment

(8) Until

the second anniversary of the day

section 5 of

Schedule 2 to the Fixing the Hydro Mess Act, 2019 comes into force, the

appointment and any reappointment of a chief executive officer shall be by the

Lieutenant Governor in Council, despite subsection (1).

Same

(9) The

term of a person who becomes chief executive officer under subsection (8) shall

end no later than the second anniversary of the day

section 5 of

Schedule 2 to

the Fixing the Hydro Mess Act, 2019 comes into

force.

Commissioners

and panels

Commissioners

4.3

(1) The

board of directors shall, on the recommendation of the chief executive officer,

appoint at least five and no more than 10 commissioners for the hearing and

determination of matters over which the Board has jurisdiction in accordance

with this section.

Restriction

on appointment

(2) No

person is eligible to be appointed as a commissioner if he or she has any

material interest in a market participant or is a director, officer, employee

or agent of,

(

a) a

market participant;

(

b) a

generator, distributor, transmitter or retailer;

(

c) a

person who sells electricity or ancillary services through the

IESO-administered markets or directly to another person who is not a consumer;

(

d) an

industry association that represents a person referred to in clause (a), (

b) or

(c);

(

e) the

IESO; or

(

f) an

affiliate of a person listed in clause (a), (b), (

c) or (e).

Chief

commissioner

(3) The

board of directors shall, on the recommendation of the chief executive officer,

appoint a commissioner to the position of chief commissioner.

Fixed

terms

(4) The

appointment of a person to the position of commissioner under subsection (1) or

chief commissioner under subsection (3) shall be for a fixed term, and may not

be revoked without cause.

Term

of initial appointment

(5) The

first term of office of a person who is appointed to the position of

commissioner under subsection (1) or chief commissioner under subsection

(3) shall not exceed two years.

Reappointment

(6) A

person appointed to the position of commissioner under subsection (1) or chief

commissioner under subsection (3) may be reappointed for one or more terms of

up to five years each.

Panels

(7) The

chief commissioner may assign one or more commissioners to a panel.

Exercise

of Board jurisdiction over matters

(8) Except

where this Act provides otherwise and subject to the regulations, the powers

and duties of the Board with respect to the hearing and determination of

matters over which it has jurisdiction may be exercised and shall be performed

by panels of commissioners assigned for the purpose by the chief commissioner under

subsection (7).

Same

(9) For

the purposes of subsection (8), a panel has all the jurisdiction of the Board.

Same

(10) A

commissioner assigned to a panel under subsection (8) shall not exercise any

power or perform any duty of the Board except as a member of a panel to which

he or she has been assigned.

Duties

of chief commissioner

(11) The

chief commissioner shall,

(

a) ensure

the efficiency, timeliness and dependability of the hearing and determination

of matters over which the Board has jurisdiction, including by directing and

supervising commissioners with respect to efficiency, timeliness and

dependability;

(

b) report

to the chief executive officer with respect to the efficiency, timeliness and

dependability of the hearing and determination of matters over which the Board

has jurisdiction;

(

c) be

responsible for the training of commissioners;

(

d) perform

such other duties as are assigned to the chief commissioner under this or any

other Act.

Deputy

chief commissioner

(12) The

chief commissioner may designate another commissioner as deputy chief

commissioner, and the deputy chief commissioner may exercise the powers and

perform the duties of the chief commissioner if the chief commissioner is

absent or unable to act.

Rules

of practice and procedure

(13) The

Board’s authority to make rules under

section 25.1 of the Statutory Powers Procedure Act governing practice and

procedure respecting the hearing and determination of matters over which the

Board has jurisdiction shall be exercised by the chief commissioner on behalf

of the Board.

Transition,

existing members of the Board

(14) Despite

subsection (1), any person who was a member of the Board immediately before the

day

section 5 of

Schedule 2 to the Fixing the Hydro Mess

Act, 2019 came into force, other than the chair, becomes a commissioner

on that day, and may continue to hold that position for the remainder of his or

her term.

Same

(15) A

person who holds the position of commissioner under subsection (14) is entitled

to the same remuneration to which he or she was entitled as a member of the

Board immediately before the day referred to in that subsection.

Transition,

appointments

(16) Until

the second anniversary of the day referred to in subsection (14), the

appointment and any reappointment of the chief commissioner and of any

commissioners shall be by the Lieutenant Governor in Council, despite

subsections (1) and (3).

Same

(17) For

the purposes of subsection (16), the Lieutenant Governor in Council may appoint

as chief commissioner a commissioner appointed under that subsection or a

commissioner who holds the position under subsection (14).

Same

(18) The

term of a person appointed or reappointed as a commissioner or chief

commissioner under subsection (16) shall end no later than the second

anniversary of the day

section 5 of

Schedule 2 to the Fixing

the Hydro Mess Act, 2019 comes into force.

(1) Subsection 4.6 (1) of the Act is repealed and the following

substituted:

Memorandum

of understanding

(1) Every

three years beginning with the Board’s fiscal year in which subsection 7 (1) of

Schedule 2 to the Fixing the Hydro Mess Act, 2019 came

into force, the chair of the board of directors, on behalf of the Board, and

the Minister shall, in accordance with such directives as may be issued by the

Management Board of Cabinet, enter into a memorandum of understanding setting

out,

(

a) the

respective roles and responsibilities of the Minister, the chair and the board

of directors;

(

b) the

accountability relationships between the chair, the board of directors and the

Minister;

(

c) limitations

on the Board’s powers to borrow and invest;

(

d) the

responsibility of the chair and the board of directors to provide the Minister

with business plans, operational budgets and plans for proposed significant

changes in the operations or activities of the Board;

(

e) details

of any obligations that require the board of directors to establish performance

standards for the Board;

(

f) any

other matter required by a directive issued by the Management Board of Cabinet;

and

(

g) any

other matter the parties consider necessary or appropriate.

(2) Subsection

4.6 (3) of the Act is amended by striking out “management committee” and

substituting “board of directors”.

(1) Subsection 4.8 (1) of the Act is repealed and the following

substituted:

Financial

statements

(1) The

board of directors shall cause annual financial statements to be prepared for

the Board in accordance with generally accepted accounting principles.

(2) Subsection

4.8 (3) of the Act is amended by striking out “management committee” and

substituting “board of directors”.

Subsection 4.9 (3) of the Act is repealed and the following substituted:

Same

(3) In

addition to any content specified under clause (2) (a), the annual report shall

include,

(

a) details

of steps taken by the board of directors to simplify or streamline practices

and procedures in relation to the Board’s regulatory functions; and

(

b) any

other content the Minister requires.

Section 4.10 of the Act is repealed and the following substituted:

By-laws

4.10

(1) The

board of directors may make by-laws regulating the business and affairs of the

Board.

Governance

and structure by-laws

(2) Without

limiting the generality of subsection (1), the board of directors shall ensure

that the by-laws deal with matters of corporate governance and structure,

including,

(

a) the

powers, duties and functions of the members of the Board and of the officers

employed by the Board, including specifying the accountability relationship of

the chief commissioner to the chief executive officer and other accountability

relationships;

(

b) the

remuneration and benefits for the positions of commissioner and chief

commissioner appointed by the board of directors;

(

c) the

circumstances in which a member of the Board ceases to hold office;

(

d) procedures

for the appointment and reappointment of the chief executive officer, the chief

commissioner and other commissioners;

(

e) the

delegation of the board of directors’ powers and duties under subsection 4.1

(19) and of the Board’s powers and duties under

section 6;

(

f) the

emergency circumstances in which the quorum of the board of directors is one

member;

(

g) the

appointment of an auditor;

(

h) the

establishment, composition and functions of the adjudication committee and

other committees of the board of directors;

(

i) the

establishment, composition and functions of panels of commissioners;

(

j) the

composition and functions of the Market Surveillance Panel and the appointment,

removal and remuneration of members of the Market Surveillance Panel; and

(

k) any

other matter prescribed by the regulations.

Requirements

re commissioner remuneration, benefits

(3) The

board of directors shall ensure that the remuneration and benefits set for the

positions of commissioner and chief commissioner by by-law under clause (2) (

b) are consistent with the remuneration and benefits set by directive of the

Management Board of Cabinet with respect to individuals appointed to comparable

positions in adjudicative tribunals and regulatory agencies.

Notice

to Minister

(4) The

board of directors shall deliver to the Minister a copy of every by-law passed

by it.

Minister’s

review of remuneration and benefits by-laws

(5) Within

60 days after delivery of a by-law made under clause (2) (

b) respecting

remuneration or benefits for the position of commissioner or chief

commissioner, the Minister may,

(

a) approve

the by-law; or

(

b) if

the Minister determines that the requirements of subsection (3) have not been

met, amend the by-law to provide for remuneration or benefits that meet those

requirements.

Effect

of approval

(6) A

by-law made under clause (2) (

b) that is approved by the Minister becomes

effective on the date of the approval or on such later date as the by-law may

provide.

Effect

of amendment

(7) A

by-law made under clause (2) (

b) that is amended by the Minister becomes

effective, as amended, on the date of the amendment or on such later date as

the by-law may provide.

Minister’s

review of appointment by-laws

(8) Within

60 days after delivery of a by-law made under clause (2) (d), the Minister may

approve, reject or return it to the board of directors for further

consideration.

Effect

of approval

(9) A

by-law made under clause (2) (

d) that is approved by the Minister becomes

effective on the date of the approval or on such later date as the by-law may

provide.

Effect

of rejection

(10) A

by-law made under clause (2) (

d) that is rejected by the Minister does not

become effective.

Effect

of return for further consideration

(11) A

by-law made under clause (2) (

d) that is returned to the board of directors for

further consideration does not become effective until the board of directors

returns it to the Minister and the Minister approves it.

Expiry

of review period

(12) If,

within the 60-day period referred to in subsection (5) or (8), the Minister

does not take a step under this section, the by-law becomes effective on the 75 th

day after it is delivered to the Minister or on such later date as the by-law

may provide.

Publication

(13) The

board of directors shall publish every by-law made under subsection (2) on the

Board’s website as soon as practicable after the by-law becomes effective.

Legislation Act, 2006 ,

Part III

(14) Part

III (Regulations) of the Legislation Act, 2006 does

not apply to by-laws made under subsection (2).

(1) Subsection 4.16 (2) of the Act is repealed and the following

substituted:

Not

employees

(2) The

members of the board of directors are not its employees, and shall not hold any

other office in the Board or be employed by it in any other capacity.

(2) Subsection

4.16 (3) of the Act is amended by adding “and, for the purposes of

section 136

of that Act, commissioners including the chief commissioner are deemed to be a

director or officer of the Board” at the end.

Section 5 of the Act is repealed and the following substituted:

Registrar

The

chief executive officer shall appoint a registrar of the Board from among the

Board’s employees.

(1) Subsections 6 (1) and (2) of the Act are repealed and the

following substituted:

Delegation

of Board’s powers and duties

(1) Subject

to the by-laws made under

section 4.10 and to the approval of the chief

executive officer, the chief commissioner may in writing delegate any power or

duty of the Board that may be exercised or shall be performed under subsection

4.3 (8) to an employee of the Board who is not a member of the Board.

Exceptions

(2) Subsection

(1) does not apply to the following powers and duties:

1. Hearing

and determining an appeal under

section 7 or a review under

section 8.

2. The

power to make an order against a person under

section 112.3, 112.4 or 112.5, if

the person gives notice requiring the Board to hold a hearing under

section

112.2.

3. A

power or duty prescribed by the regulations.

(2) Subsection

6 (3) of the Act is amended by striking out “management committee” and

substituting “chief commissioner”.

(3) Subsection

6 (5) of the Act is amended by striking out “members of the Board” and

substituting “a panel of commissioners”.

(4) Subsection

6 (7) of the Act is amended by striking out “management committee” and

substituting “chief commissioner”.

Subsection 8 (1) of the Act is amended by striking out “The Board’s management

committee may, on its own motion” at the beginning and substituting “The chief

commissioner may, on his or her own motion”.

(1) Subsection 12.1 (1) of the Act is repealed and the following

substituted:

Fees

(1) The

chief executive officer may set and charge fees for copies of Board orders,

decisions, reasons, reports, recordings or other documents or things, including

documents certified by a commissioner or the registrar of the Board.

(2) Subsections

12.1 (2), (3) and (4) of the Act are amended by striking out “management

committee” wherever it appears and substituting in each case “board of

directors”.

Section 13 of the Act is amended by striking out “The Board’s management

committee” at the beginning and substituting “The chief executive officer”.

(1) Subsection 15 (1) of the Act is amended by striking out “the

chair, a vice-chair or the secretary” at the end and substituting “a

commissioner or the registrar of the Board”.

(2) Subsection

15 (4) of the Act is repealed.

(1) Subsection 22 (1) of the Act is amended by striking out “members

of the Board” and substituting “commissioners”.

(2) Subsection

22 (2) of the Act is repealed and the following substituted:

Where

term of member ends

(2) If

a joint board commences to hold a hearing under the Consolidated

Hearings Act and the term of office on the Board of a commissioner

sitting for the joint hearing expires or is terminated before the proceeding is

disposed of, the commissioner shall remain a member of the joint board for the

purpose of completing the disposition of the proceeding in the same manner as

if his or her term of office had not expired or been terminated.

(1) Subsection 44 (1) of the Act is amended by striking out “The

Board” at the beginning and substituting “The chief executive officer”.

(2) Subclause

44 (1) (b.2) (iv) of the Act is amended by striking out “Board” and

substituting “chief executive officer”.

(3) Clause

44 (1) (b.3) of the Act is repealed and the following substituted:

(b.3) relating

to any matter in respect of invoices issued in respect of gas to consumers,

including meeting such requirements as may be provided for by the chief

executive officer or being in a form approved by the chief executive officer;

(4) Subsection

44 (1.1) of the Act is repealed.

(5) Subsection

44 (4.1) of the Act is amended by striking out “rule of the Board” wherever it

appears and substituting in each case “rule”.

(6) Subsection

44 (7) of the Act is amended by striking out “by the Board” at the end and

substituting “under this section”.

(7) Subsection

44 (7) of the Act, as amended by subsection (6), is repealed.

(1) Subsections 45 (1), (3), (5), (7) and (8) of the Act are

repealed and the following substituted:

Proposed

rules, notice and content

(1) The

chief executive officer shall ensure that notice of every rule he or she proposes

to make under

section 44 is given in the manner and to the persons that the

chief executive officer considers appropriate.

. . . .

Opportunity

for comment

(3) On

giving notice under subsection (1), the chief executive officer shall give a

reasonable opportunity to interested persons to make written representations

with respect to the proposed rule within such reasonable period as the chief

executive officer considers appropriate.

. . . .

Notice

of changes

(5) If,

after considering the submissions, the chief executive officer proposes

material changes to the proposed rule, the chief executive officer shall ensure

notice of the proposed changes is given in such manner and to such persons as

the chief executive officer may determine.

. . . .

Representations

re changes

(7) On

giving notice of changes, the chief executive officer shall give a reasonable

opportunity to interested persons to make written representations with respect

to the changes within such reasonable period as the chief executive officer

considers appropriate.

Making

the rule

(8) If

notice under this

section is required, the chief executive officer may make the

rule only at the end of this process and after considering all representations

made as a result of that process.

(2) Subsection

45 (9) of the Act is amended by striking out “The Board” at the beginning and

substituting “The chief executive officer”.

(3) Subsection

45 (10) of the Act is repealed and the following substituted:

Consultation

(10) If

the chief executive officer proposes to make a rule under clause 44 (1) (a),

notice shall not be given under subsection (1) until after the chief executive

officer has consulted with gas transmitters, gas distributors or storage

companies, as appropriate.

(1) Subsection 70.1 (1) of the Act is amended by striking out “The

Board” at the beginning and substituting “The chief executive officer”.

(2) Subsection

70.1 (2) of the Act is repealed.

(3) Subsection

70.1 (6) of the Act is repealed.

(4) Subsection

70.1 (7) of the Act is amended by striking out “the Board may change” and

substituting “the chief executive officer may change”.

(1) Subsection 70.2 (1) of the Act is repealed and the following

substituted:

Proposed

codes, notice and content

(1) The

chief executive officer shall ensure that notice of every code he or she

proposes to issue under

section 70.1 is given in the manner and to the persons

that the chief executive officer considers appropriate.

(2) Subsections

70.2 (3), (5), (7) and (8) of the Act are repealed and the following

substituted:

Opportunity

for comment

(3) On

giving notice under subsection (1), the chief executive officer shall give a

reasonable opportunity to interested persons to make written representations

with respect to the proposed code within such reasonable period as the chief

executive officer considers appropriate.

. . . .

Notice

of changes

(5) If,

after considering the submissions, the chief executive officer proposes

material changes to the proposed code, the chief executive officer shall ensure

notice of the proposed changes is given in such manner and to such persons as

the chief executive officer may determine.

. . . .

Representations

re changes

(7) On

giving notice of changes, the chief executive officer shall give a reasonable

opportunity to interested persons to make written representations with respect

to the changes within such reasonable period as the chief executive officer

considers appropriate.

Issuing

the code

(8) If

notice under this

section is required, the chief executive officer may issue

the code only at the end of this process and after considering all

representations made as a result of that process.

(3) Subsection

70.2 (9) of the Act is amended by striking out “The Board” at the beginning and

substituting “The chief executive officer”.

(1) Subsection 106 (1) of the Act is amended by striking out “The

Board’s management committee” at the beginning and substituting “The chief

executive officer”.

(2) Subsection

106 (2) of the Act is amended by striking out “a member of the Board” and

substituting “the chief executive officer”.

(1) Subsection 112.0.1 (1) of the Act is amended by striking out

“The chair” at the beginning and substituting “The chief executive officer”.

(2) Subsection

112.0.1 (2) of the Act is repealed and the following substituted:

Certificate

of appointment

(2) The

chief executive officer shall issue to every investigator a certificate of

appointment bearing the chief executive officer’s signature or a facsimile of

his or her signature.

(1) Clause 127 (1) (g.1) of the Act is repealed.

(2) Subsection

127 (1) of the Act is amended by adding the following clauses:

(j.8) providing

for the appointment of prescribed individuals as members of the Board for the

purposes of clause 4 (5) (d), and setting out their powers, duties and

functions;

(j.9) specifying

matters that, for greater certainty, are not matters that may be heard or

determined by a panel of commissioners under subsection 4.3 (8);

(j.10) for

the purposes of subsections 4.1 (17) and 4.3 (8), providing for and governing

the exercise or performance of a power or duty of the Board by another person

or entity;

(3) Clauses

127 (1) (j.12) and (j.14) of the Act are repealed.

(4) Clause

127 (1) (

k) of the Act is repealed and the following substituted:

(

k) respecting

anything that, in this Act, may or must be prescribed or done by regulation;

(5) Section

127 of the Act is amended by adding the following subsections:

Transition, Fixing

the Hydro Mess Act, 2019

(6) The

Lieutenant Governor in Council may make regulations governing transitional

matters that, in the opinion of the Lieutenant Governor in Council, are

necessary or desirable to facilitate the implementation of amendments to this

Act by

Schedule 2 to the Fixing the Hydro Mess Act, 2019 .

Same

(7) In

the event of a conflict between this Act and a regulation made under subsection

(6), the regulation prevails.

Subsection 128.1 (1) of the Act is repealed and the following substituted:

Reports

on Board effectiveness

(1) The

Board shall, on the request of the Minister, prepare and submit a report to the

Minister on the Board’s effectiveness in meeting the objectives set out in

sections 1 and

Section 130 of the Act is amended by,

(

a) striking

out “of the Board”; and

(

b) striking

out “the Board may change” and substituting “the chief executive officer may

change”.

Section 133 of the Act is repealed and the following substituted:

cause of action, Fixing the Hydro Mess Act, 2019

(1) No

cause of action arises against the Crown, any current or former member of the

Executive Council, any current or former employee or agent of or adviser to the

Crown, the Board, or any current or former member, employee or agent of the

Board, as a direct or indirect result of,

(

a) the

enactment, operation or administration of any amendment to this Act by

Schedule

2 to the Fixing the Hydro Mess Act, 2019 ;

(

b) anything

done or not done under the amendments to this Act by

Schedule 2 to the Fixing the Hydro Mess Act, 2019 ; or

(

c) anything

related in any way to the involvement of the Government of Ontario in

compensation matters, or other aspects of corporate governance, of the Board.

Proceedings

barred

(2) No

proceeding, including but not limited to any proceeding for a remedy in

contract, constructive dismissal, restitution, tort, misfeasance, bad faith,

trust or fiduciary obligation, and any remedy under applicable securities laws

or any other statute, that is directly or indirectly based on or related to

anything referred to in subsection (1) may be brought or maintained against the

Crown or against any person referred to in that subsection.

Application

(3) Subsection

(2) applies to any action or other proceeding claiming any remedy or relief,

including specific performance, injunction, declaratory relief, any form of

compensation or damages, or any other remedy or relief, and includes a

proceeding to enforce a judgment or order made by a court outside of Canada.

Retrospective

effect

(4) Subsections

(2) and (3) apply regardless of whether the cause of action on which the

proceeding is purportedly based arose before, on or after the day

section 28 of

Schedule 2 to the Fixing the Hydro Mess Act, 2019

came into force.

Proceedings

set aside

(5) Any

proceeding referred to in subsection (2) or (3) commenced before the day

referred to in subsection (4) is deemed to have been dismissed, without costs,

on that day.

(1) The following provisions of the Act are amended by striking out

“Board’s management committee” wherever it appears and substituting in each

case “board of directors”:

1. Subsection

4.3.1 (2).

2. Subsection

4.7 (1).

3. The

4. Subsection

26 (1).

Section

121, in the portion before clause (a).

Section

7. The

(2) The

French version of the following provisions of the Act are amended by striking

out “son comité de gestion” wherever it appears and substituting in each case “son

conseil d’administration”:

1. Subsection

4.13 (1).

2. Subsection

132 (3).

The following provisions of the Act are amended by striking out “secretary”

wherever it appears and substituting in each case “registrar”:

Section

Section

Section

126.1.

Consequential

Amendments

Energy

Consumer Protection Act, 2010

(1) Clause 9 (2) (

b) of the Energy Consumer Protection Act, 2010

is amended by striking out “by the Board”.

(2) Clause

12 (1) (

c) of the Act is amended by striking out “by the Board” wherever it

appears.

(3) Subclause

35 (3) (j) (iii) of the Act is amended by striking out “by the Board” wherever

it appears.

Commencement

Commencement

31 This

Schedule comes into force on a day to be named by

proclamation of the Lieutenant Governor.

SCHEDULE 3

ontario Fair Hydro Plan act, 2017

The

Preamble to the Ontario Fair Hydro Plan Act, 2017 is repealed.

Section 1 of the Act is repealed and the following substituted:

Interpretation

(1) In

this Act,

“capital

account” means an account established by or on behalf of the Fair Hydro Trust

under the governing documents for an existing funding obligation for the

purpose of accumulating funds to be used to make repayments in respect of the

existing funding obligation; (“compte capital”)

“existing

funding obligation” means a funding obligation that existed on the final plan

date; (“obligation de financement existante”)

“fair

allocation amount” means, when used in respect of a reference period, the

amount calculated by the Minister in respect of the reference period under

section 20 of this Act as it read immediately before the final plan date and

provided by the Minister to the Financial Services Manager before the final

plan date; (“montant de répartition équitable”)

“Fair

Hydro Trust” means the trust established by the Financial Services Manager

under subsection 22 (2) of this Act as it read immediately before the final

plan date and includes the trustee of the trust when acting as trustee; (“Fair

Hydro Trust”)

“FHT

acceleration” means, when used in respect of an existing funding obligation,

the event arising under the governing documents in which a portion of the

principal owing in respect of the existing funding obligation becomes due and

payable by the Fair Hydro Trust before the scheduled payment date, maturity

date or redemption date; (“déchéance du terme contre Fair Hydro Trust”)

“FHT

expenses” means all fees, expenses, costs, expenditures and liabilities

incurred by or on behalf of the Fair Hydro Trust, including costs and

expenditures payable by or on behalf of the Fair Hydro Trust in respect of a

matter set out in subsection (2), including any taxes payable on those amounts,

and excluding amounts mentioned in subsection (3); (“dépenses de Fair Hydro

Trust”)

“final

plan date” means November 1, 2019; (“date du plan définitif”)

“finance

reserve account” means an account established by or on behalf of the Fair Hydro

Trust under the governing documents for an existing funding obligation for the

purposes of pre-funding, collateralizing, over-collateralizing or establishing

reserves for the payment of existing funding obligations, FHT expenses or for

related contingencies; (“compte de réserve financière”)

“Financial

Services Manager” means Ontario Power Generation Inc.; (“gestionnaire des

services financiers”)

“funding

cost” means interest, commitment fees or other similar costs payable by or on

behalf of the Fair Hydro Trust in respect of existing funding obligations; (“coût

de financement”)

“funding

obligation” means a payment obligation incurred by or on behalf of the Fair

Hydro Trust,

(

a) to

fund its ownership of the investment asset, including principal, interest, fees

and other amounts owing in respect thereof, or

(

b) in

respect of an amount raised for the purposes of the Fair Hydro Trust acquiring

and financing the investment asset that was or would have been recoverable as a

finance amount under this Act as it read immediately before the final plan

date; (“obligation de financement”)

“General

Regulation” means Ontario Regulation 206/17 (General) made under this Act; (“règlement

général”)

“governing

documents” means, when used in respect of a funding obligation, the documents

governing the terms of the funding obligation or other matters relating to the

funding obligation; (“documents directeurs”)

“IESO”

means the Independent Electricity System Operator continued under

Part II of

the Electricity Act, 1998 ; (“SIERE”)

“investment

asset” means the investment asset created under this Act before the final plan

date, comprised of,

(

a) before

the final plan date, the rights and interests described in subsection 29 (1) of

this Act as it read immediately before the final plan date, and

(

b) on

and after the final plan date, the rights and interests as described in

subsection 17 (1) of this Act; (“actif d’investissement”)

“maturity

date” means, in respect of an existing funding obligation, the date set out in

the governing documents for the existing funding obligation on which all

outstanding principal, interest and other amounts outstanding are due and

payable; (“date d’échéance”)

“Minister”

means the Minister of Energy, Northern Development and Mines or such other

member of the executive council as may be assigned the administration of this

Act under the Executive Council Act ; (“ministre”)

“Ontario

Power Generation Inc.” means the corporation incorporated as Ontario Power

Generation Inc. under the Business Corporations Act

on December 1, 1998; (“Ontario Power Generation Inc.”)

“payment

date” means,

(

a) a

date on which the Fair Hydro Trust is obligated under the governing documents

for an existing funding obligation, including in accordance with the

requirements and priorities set out in the governing documents, to pay an

amount that is due and payable in respect of an existing funding obligation, an

FHT expense or a tax, or

(

b) if

a different date has been prescribed by a regulation made under subsection 6

(3), the prescribed date; (“date de paiement”)

“prescribed”

means prescribed by the regulations; (“prescrit”)

“Protection

Agreement” means the agreement entered into by Her Majesty the Queen in Right

of Ontario, as represented by the Minister of Energy and the Minister of

Finance, and Computershare Trust Company of Canada as Trustee of Fair Hydro

Trust, and Ontario Power Generation Inc. as Financial Services Manager and

Manager of Fair Hydro Trust, and BNY Trust Company of Canada as Indenture

Trustee, entitled “Change of Law Protection Agreement”, dated as of

December 21, 2017; (“accord de protection”)

“recovery

amount” means the aggregate of all amounts received by or on behalf of the Fair

Hydro Trust in respect of funding obligations; (“montant de recouvrement”)

“redemption

amount” means the amount payable by or on behalf of the Fair Hydro Trust to

redeem, prepay or repurchase an existing funding obligation, including any

premium, make-whole or other amount payable to give effect to the prepayment,

redemption or repurchase; (“montant de rachat”)

“reference

period” means,

(

a) the

period beginning on July 1, 2017 and ending on October 31, 2017, and

(

b) during

the period beginning on November 1, 2017 and ending on April 30, 2047, every

six-month period following the period mentioned in clause (a); (“période de

référence”)

“regulation”

means a regulation made under this Act; (“règlement”)

“repayment”

means the payment by or on behalf of the Fair Hydro Trust or the provision by

or on behalf of the Fair Hydro Trust for the payment of all or a portion of the

principal amount advanced to the Fair Hydro Trust under an existing funding

obligation; (“ remboursement ”)

“tax”

means a tax, duty, fee, premium, excise, assessment, impost, levy or other

charge payable by the Fair Hydro Trust to Her Majesty in right of Ontario, Her

Majesty in right of Canada or the government of any other country, province,

state, municipality or other political territory and imposed or authorized to

be imposed by any law of Ontario, Canada, or any other country, province,

state, municipality or other political territory and includes,

(

a) a

tax, duty, fee, premium, excise, assessment, impost, levy or other charge,

(

i) levied

on, measured by or described with respect to income, earnings, gross receipts,

profits, capital, capital gains, sales or use, or

(ii) referred

to as branch tax, net worth tax, alternative tax, minimum tax, goods and

services tax, harmonized sales tax, value-added tax, excise tax, ad valorem tax, franchise tax, transfer tax, withholding

tax, property tax, surtax, payroll tax, employment tax or employer health tax,

(

b) government

pension plan premiums or contributions, social security premiums, workers’

compensation premiums and employment or unemployment insurance or compensation

premiums and contributions,

(

c) an

amount or charge under

Part VI of the Electricity Act,

1998 ,

(

d) an

instalment in respect of an amount mentioned in clauses (

a) to (c), and

(

e) interest,

penalties, fines, additions to tax or other amounts imposed on or in respect of

an amount mentioned in clauses (

a) to (c); (“impôt”)

“tax

refund” means all amounts received by or on behalf of the Fair Hydro Trust as a

refund of tax and to which the Fair Hydro Trust is entitled as a result of any

activity, undertaking, transaction or event authorized or permitted under this

Act. (“remboursement d’impôt”)

FHT

expenses

(2) For

the purposes of the definition of “FHT expenses” in subsection (1), the matters

include the following:

1. Maintaining

the Fair Hydro Trust in good standing.

2. Administering,

managing and operating the Fair Hydro Trust, including to enable compliance

with its obligations under the governing documents for each existing funding

obligation and the other contracts and instruments to which the Fair Hydro

Trust is or becomes a party.

3. Fulfilling

and complying with the Fair Hydro Trust’s obligations and undertakings under

this Act and the governing documents for each existing funding obligation and

the other contracts and instruments to which the Fair Hydro Trust is or becomes

a party, including all charges, costs, indemnities, reimbursements and other

amounts, together with any taxes on such charges, costs, indemnities,

reimbursements and other amounts, incurred or committed to by or on behalf of

the Fair Hydro Trust as a result of,

i. an

activity authorized or permitted under the governing documents for each

existing funding obligation and the other contracts and instruments to which

the Fair Hydro Trust is or becomes a party,

ii. an

agreement, undertaking or commitment made by or on behalf of the Fair Hydro

Trust under this Act as it read immediately before the final plan date or under

the General Regulation as it read immediately before the final plan date, or

iii. an

activity authorized or permitted under this Act or the governing documents for

each existing funding obligation and the other contracts and instruments to

which the Fair Hydro Trust is or becomes a party on or after the final plan

date.

4. Paying

the underwriters, selling agents, valuation experts or other capital markets

professionals in respect of existing funding obligations.

5. Paying

the banking fees, including but not limited to structuring fees or work fees in

respect of existing funding obligations.

6. Paying

the fees of issuing and paying agents in respect of existing funding

obligations.

7. Paying

the fees of trustees.

8. Paying

the fees incurred in the preparation of financial statements, financial

reports, compliance certificates and tax returns.

9. Paying

the fees of legal counsel.

10. Paying

the rating agency fees.

11. Paying

the filing or registration fees.

12. Paying

the direct costs of the Financial Services Manager for employees whose work for

the Financial Services Manager consists of the provision of services to the

Fair Hydro Trust.

13. Paying

the costs and expenditures incurred on behalf of the Fair Hydro Trust in

connection with the Financial Services Manager’s duties under this Act.

14. Paying

the costs and expenditures incurred in relation to any management agreement

between the Financial Services Manager and the Fair Hydro Trust where the

agreement provides for the reimbursement of the costs and expenditures.

Same,

exclusions

(3) For

the purposes of the definition of “FHT expenses” in subsection (1), FHT

expenses do not include amounts arising under existing funding obligations or

any taxes other than those taxes mentioned in the definition of “FHT expenses”

in subsection (1).

References

to terms in contract, instrument

1.1

(1) Subject

to subsection (2), if a contract or other instrument to which the Fair Hydro

Trust is a party includes a reference to a term that was defined in this Act as

it read immediately before the final plan date or in the General Regulation as

it read immediately before the final plan date, the definition as it read

immediately before the final plan date continues to apply for the purposes of

interpreting the contract or other instrument.

Exceptions

(2) In

any contract or other instrument entered into before the final plan date in

respect of an existing funding obligation,

(

a) a

reference to an investment interest is deemed to be a reference to the

investment asset;

(

b) a

reference to an investment interest owner is deemed to be a reference to the

investment asset owner; and

(

c) a

reference to a term specified in the regulations is deemed to be a reference to

such other term as may be prescribed.

Waiver

of subrogation rights under Protection Agreement

1.2 To the

extent that any amount is deposited by the Crown in the account established for

the beneficiaries under the Protection Agreement, the Crown shall be deemed to waive

any attendant rights of subrogation and repayment arising under the Protection

Agreement and under the governing documents for the existing funding

obligations, in each case in respect of the obligations that are satisfied by

applying the amount in accordance with the governing documents.

Protection

against liability of specified consumers

1.3

(1) Nothing

in this Act or in any contract or instrument shall be interpreted so as to

create, continue or impose liability on any specified consumer in favour

of any person for or in respect of any amount determined to be, or to form part

of, a clean energy adjustment under this Act as it read immediately before the

final plan date, including for or in respect of paying such an amount.

Extinguishment

of obligation to pay, etc.

(2) For

greater certainty, any obligation of specified consumers to pay or repay any

amounts that form all or any part of a clean energy adjustment referred to in

subsection (1) is extinguished, whether such obligation arose or existed before

or after the final plan date, and such obligation is superseded and replaced by

the payment obligations of the Crown under

section 6 and the payment

obligations of Ontario Power Generation under

section 8.

Specified

consumer

(3) For

the purposes of subsections (1) and (2), the term “specified consumer” has the

meaning assigned to it in this Act as it read immediately before the final plan

date.

Protection

against liability of electricity vendors and unit sub-meter providers

1.4

(1) Nothing

in this Act or in any contract or instrument shall be interpreted so as to

create, continue or impose liability on any electricity vendor or any unit

sub-meter provider in favour of any person for or in respect of any amount

determined to be, or to form part of, a clean energy adjustment under this Act

as it read immediately before the final plan date, including for or in respect

of,

(

a) collecting,

receiving, holding, applying, depositing or remitting such an amount;

(

b) reporting

on such an amount; or

(

c) enforcing

any collections or remittances of such an amount.

Electricity

vendor, unit sub-meter provider

(2) For

the purposes of subsection (1), the terms “electricity vendor” and “unit

sub-meter provider” have the meanings assigned to them in this Act as it read

immediately before the final plan date.

Protection

against liability of IESO

1.5

(1) Nothing

in this Act or in any contract or instrument shall be interpreted so as to

create, continue or impose liability on the IESO in favour of any person for or

in respect of any amount determined to be, or to form part of, a clean energy

adjustment under this Act as it read immediately before the final plan date,

including for or in respect of,

(

a) collecting,

receiving, holding, applying, depositing or remitting such an amount;

(

b) reporting

on such an amount; or

(

c) servicing,

administering or enforcing any collections or remittances of such an amount.

IESO

not required to comply

(2) The

IESO is not required to comply with any requirement under any contract or

instrument that provides for the administration or servicing of the investment

asset on behalf of the Fair Hydro Trust, including any requirement to,

(

a) collect,

receive, hold, apply, deposit or remit a clean energy adjustment under this Act

as it read immediately before the final plan date;

(

b) report

on or provide notice on a clean energy adjustment under this Act as it read

immediately before the final plan date;

(

c) service,

administer or enforce,

(

i) a

clean energy adjustment under this Act as it read immediately before the final

plan date, or

(ii) any

collections or remittances of a clean energy adjustment under this Act as it

read immediately before the final plan date; or

(

d) develop

and implement an implementation plan in respect of obligations that would arise

in the future under this Act as it read immediately before the final plan date.

Validity

of transfer, investment asset

(3) This

section does not affect the validity of any transfer of the investment asset to

the Fair Hydro Trust or the application of each of the following in accordance

with the terms of each of the following, in relation to such a transfer:

1. Any

representation or certification made by the IESO to the Fair Hydro Trust or to

or in favour of any beneficiary or any secured party.

2. Any

warranty, acknowledgment or indemnity given by the IESO to the Fair Hydro Trust

or to or in favour of any beneficiary or any secured party.

3. Any

restrictive covenant agreed to by the IESO to the Fair Hydro Trust or to or in

favour of any beneficiary or any secured party.

Carrying

costs

(4) Nothing

in this Act or in any contract or instrument shall be interpreted so as to

create, continue or impose liability on the IESO to pay the Fair Hydro Trust

the carrying costs determined under

section 9.1 of the General Regulation as it

read immediately before the final plan date.

Enforcement

remedies of secured parties unaffected

1.6 Nothing in this Act

shall be read as limiting the rights and remedies of any secured party or its

trustees or representatives to enforce its rights and interests as a secured

party under any governing document for any existing funding obligation at any

time after its security interest has become enforceable in accordance with the

governing document.

Computation

of amounts under funding obligations, etc.

1.7 Nothing in this Act

shall be read as changing any of the following as set out in the governing

documents for an existing funding obligation:

1. The

method of computing the amount of principal of or interest on an existing

funding obligation.

2. The

date of payment of an amount of principal of or interest on an existing funding

obligation.

3. The

rights, entitlements or obligations of the payees under an existing funding

obligation.

Protection

against liability of Ontario Power Generation Inc. or Crown as principal

1.8 Without

limiting the obligations of the Crown under

section 6 and of Ontario Power

Generation Inc. under

section 8, nothing in this Act shall impose upon Ontario

Power Generation Inc. or the Crown any obligation as a principal to pay any

existing funding obligation, FHT expense or tax owing and payable by the Fair

Hydro Trust.

Section 3 of the Act is repealed.

Section 5 of the Act is repealed and the following substituted:

Protection

(1) No

action or omission by the Minister, the Minister of Finance or the Crown shall

be effective to reduce, impair, postpone or terminate the obligation of the

Crown to pay amounts in respect of payments under the Protection Agreement or

amounts under

section 6 or the obligation of Ontario Power Generation Inc. to

pay amounts under

section 8.

Agreements

(2) Subject

to subsection (1), the Minister and the Minister of Finance may together, with

the approval of the Lieutenant Governor in Council, enter into any agreements

on behalf of the Province of Ontario with any person in respect of this Act.

Guarantee,

indemnification re previous agreements

(3) Subject

to subsection (1), the Lieutenant Governor in Council may by order,

(

a) authorize

the Minister and the Minister of Finance, acting together on behalf of the

Province of Ontario, to agree to guarantee or indemnify any debts, obligations,

securities or undertakings associated with the investment asset and to

indemnity;

(

b) specify

by the Minister and the Minister of Finance; and

(

c) specify

a maximum liability for the guarantee or indemnity.

Parts II, III, IV, V and VI of the Act are repealed and the following

substituted:

Part

Payments by the Crown and by ontario power generation inc.

Payments

by Crown

(1) The

Crown shall, in accordance with this

section and the regulations, pay to the

Fair Hydro Trust the amounts calculated in accordance with

section 7.

Timing

of payments

(2) Subject

to subsection (3), the payments by the Crown under subsection (1) shall be paid

following the final plan date on each applicable payment date.

Same,

regulations

(3) In

order to align the timing of payments to the Fair Hydro Trust by the Crown with

the payment obligations of the Fair Hydro Trust with respect to existing

funding obligations, FHT expenses or taxes, the Lieutenant Governor in Council

may make regulations regarding the timing of payments or prescribing different

dates on which the Crown is required to pay to the Fair Hydro Trust an amount

calculated in accordance with

section 7.

Consolidated

Revenue Fund

(4) The

amounts referred to in subsection (1) are a charge on and are payable out of

the Consolidated Revenue Fund.

Indebtedness

of Crown

(5) An

unpaid amount that was required to be paid under this

section constitutes

indebtedness of the Crown to the Fair Hydro Trust.

Calculation

of amounts payable by Crown

(1) The

payment to be made on a payment date by the Crown under

section 6 shall be the

amount calculated by taking the following steps:

1. After

eliminating any duplication in the following amounts, calculate the sum of the

following:

i. Amounts

that would be due and payable by the Fair Hydro Trust in respect of each

existing funding obligation on the payment date, determined as the sum of the

following, in each case assuming that no FHT acceleration has occurred in

respect of any existing funding obligation at any time on or before the payment

date:

A. Amounts

due and payable in respect of repayments.

B. Amounts

due and payable in respect of funding costs.

C. Amounts

due and payable in respect of redemption amounts.

D. Amounts

required under the governing documents for the existing funding obligation to

be deposited into capital accounts or finance reserve accounts.

ii. Amounts

due and payable in respect of FHT expenses on the payment date.

iii. Any

taxes due and payable by the Fair Hydro Trust on the payment date.

2. If

the payment date is the last payment date occurring during a reference period

during or after which an FHT acceleration has occurred in respect of any

existing funding obligation, calculate the following amounts:

i. After

eliminating any duplication in the amounts, the sum of the amounts that would

have been determined under paragraph 1 in respect of a payment date occurring during

the reference period, had the amounts been calculated in subparagraph 1 i for

the payment date having regard to whether or not an FHT acceleration in respect

of an existing funding obligation had occurred as of the payment date.

ii. The

lesser of the following:

A. The

amount determined under subparagraph i.

B. The

fair allocation amount for the reference period in which the payment date

occurs.

3. Determine

the amount, if any, by which the amount calculated under subparagraph 2 ii

exceeds the amount determined under paragraph 1.

4. After

eliminating any duplication in amounts from all other sources of money that are

or will be available to the Fair Hydro Trust on the payment date in order to

pay the amounts that are due and payable by the Fair Hydro Trust on the payment

date, calculate the sum of those amounts, excluding any amounts that would, if

applied by the Fair Hydro Trust, directly or indirectly cause a default under

any existing funding obligations, and including the following amounts:

i. Amounts

withdrawn or required to be withdrawn, as required under the governing

documents for the existing funding obligations, from any collection account,

capital account or finance reserve account.

ii. Recovery

amounts received by the Fair Hydro Trust.

iii. Tax

refunds received by the Fair Hydro Trust.

iv. Amounts

paid by Ontario Power Generation Inc. to the Fair Hydro Trust under

section 8.

v. Amounts

deposited by the Crown into the account established for the beneficiaries under

the Protection Agreement.

5. Calculate

the sum of the amount calculated under paragraph 1 and any amount calculated

under paragraph 3.

6. Subtract

the sum of the amounts calculated under paragraph 4 from the amount calculated

under paragraph 5.

7. Calculate

the payment amount by adding any positive amount determined under paragraph 6

to any additional prescribed amounts that are determined in accordance with the

regulations.

Rules

(2) The

following rules apply with respect to the determination of the amounts payable

by the Crown to the Fair Hydro Trust under this section:

1. The

determination shall be made by applying a cash basis accounting method.

2. The

determination shall reflect cash amounts actually paid, deposited, received,

applied, withdrawn or made available at a specified time.

Financial

Services Manager to notify Ministers

(3) The

Financial Services Manager shall, in accordance with the regulations, notify

the Minister and the Minister of Finance of each amount determined under this

section and such other information as may be prescribed related to the

determination of the amount.

Payments

by Ontario Power Generation Inc.

(1) Subject

to subsection (3), Ontario Power Generation Inc. shall pay to the Fair Hydro

Trust all amounts of or in respect of FHT expenses that become due and payable

on or after January 1, 2019.

Reimbursement

to the Crown

(2) If

an amount in respect of FHT expenses described under subsection (1) has been

paid to the Fair Hydro Trust by the Crown under the Protection Agreement or

under

section 6, Ontario Power Generation Inc. shall promptly reimburse the

Crown for the amount paid.

Same

(3) Ontario

Power Generation Inc. shall not be required to pay to the Fair Hydro Trust

amounts in respect of FHT expenses that have been paid to the Fair Hydro Trust

by the Crown as described in subsection (2).

Timing

of payments

(4) The

amount payable to the Fair Hydro Trust by Ontario Power Generation Inc. in

respect of an FHT expense shall be made not later than one day before the day

that the FHT expense becomes due and payable.

Rules

(5) The

following rules apply with respect to the determination of the amounts payable

to the Fair Hydro Trust by Ontario Power Generation Inc. under subsection (1):

1. The determination shall

be made by applying a cash basis accounting method.

2. The

determination shall reflect cash amounts actually paid, deposited, received,

applied, withdrawn or made available at a specified time.

Application

of amounts by the Fair Hydro Trust

(1) On

each payment date, the Fair Hydro Trust shall, subject to and in compliance

with the terms of the governing documents for the existing funding obligations

and the terms of each of its other applicable payment obligations, carry out

the following steps in the order in which they appear:

1. Apply

all sources of money that are or will be available to the Fair Hydro Trust on

the payment date, including sources included in the calculation in paragraph 4

of subsection 7 (1), excluding any amounts that would, if applied by the Fair

Hydro Trust, directly or indirectly cause a default under any existing funding

obligations and excluding amounts paid to it by the Crown under

section 6 on

the payment date, to pay the amounts that are due and payable by the Fair Hydro

Trust on the payment date in respect of existing funding obligations, FHT

expenses or any tax.

2. Deposit

the amounts paid to it by the Crown under

section 6 on the payment date into

the applicable collection account contemplated under the governing documents

for existing funding obligations and apply the deposited amounts to pay the

amounts specified in the governing documents to be due and payable by the Fair

Hydro Trust on the payment date in respect of any existing funding obligations,

FHT expenses or any tax.

3. If,

after applying the amounts under paragraphs 1 and 2, it is determined by the

Financial Services Manager that all or a portion of the amount paid on the

payment date to the Fair Hydro Trust by the Crown under

section 6 was not

required by the Fair Hydro Trust on the payment date to pay the amounts due and

payable in respect of existing funding obligations, FHT expenses or any tax on

the payment date, pay the amount in excess to the Crown.

Same,

receipts in respect of clean energy adjustments

(2) The

Fair Hydro Trust shall apply the following amounts under the terms of the

governing documents for the existing funding obligations, in each case on a

payment date, on the same basis as if such amounts were received by the IESO

and remitted to the Fair Hydro Trust as receipts in respect of clean energy

adjustments in accordance with the agreements and instruments under which the

investment asset was transferred to the Fair Hydro Trust:

1. The

amounts paid to it by the Crown under

section 6.

2. The

amounts paid to it by Ontario Power Generation Inc. under

section 8.

Payment

instructions

(3) The

Financial Services Manager shall modify, adjust and supplement the reports,

notices, payment instructions and certificates contemplated to be delivered in

connection with payments to be made by the Fair Hydro Trust in accordance with

the governing documents for the existing funding obligations in order to

reflect the payments, deposits and applications contemplated under this

section.

Deemed

compliance with delivery requirements

(4) The

delivery of modified, adjusted or supplemented reports, notices, payment

instructions and certificates mentioned in subsection (3) shall be deemed to be

in compliance with the corresponding delivery requirements arising under the

governing documents for the existing funding obligations.

Contract

references, finance amount

(1) This

section applies to any contract to which the Fair Hydro Trust is a party for

the purposes of determining the finance amount or the estimated finance amount

as those amounts were defined or determined under this Act as it read

immediately before the final plan date.

Minimum

amount

(2) If

a contract mentioned in subsection (1) includes a reference to the estimated

finance amount to be determined in respect of a reference period under

subsection 15 (1) of this Act as it read immediately before the final plan date

and

section 6.1 of the General Regulation as it read immediately before the

final plan date, that amount shall be adjusted, if necessary, so that it is at

a minimum the amount calculated as follows:

1. Calculate

the sum of all amounts in respect of the reference period, each of which is an

amount determined under paragraph 1 of subsection 7 (1) in respect of a payment

date occurring during the reference period.

2. After

eliminating any duplication, calculate the sum of the sources of money

described in subparagraphs 4 i to iii of subsection 7 (1) that were applied by

the Fair Hydro Trust to pay amounts that were due and payable by the Fair Hydro

Trust on the payment dates occurring during the reference period.

3. Calculate

the amount determined under paragraph 3 of subsection 7 (1) for the last

payment date occurring during the reference period.

4. Calculate

any positive amount that results from subtracting the sum calculated under

paragraph 2 from the sum of the following amounts:

i. The

amount calculated under paragraph 1.

ii. The

amount calculated under paragraph 3.

iii. Any

additional prescribed amounts that are determined in accordance with the

regulations.

Payment

obligation

(3) Any

reference in a contract mentioned in subsection (1) to a payment obligation of

the Fair Hydro Trust that would yield, for a period of time, a finance amount

or an estimated finance amount as such amount would have been determined under

the General Regulation as it read immediately before the final plan date shall

be read as including any obligation to pay an existing funding obligation, any

FHT expense and any tax, in each case that becomes due and payable during the

period of time.

Part

III

Financial Services Manager

Ontario

Power Generation Inc. to continue as Financial Services Manager

(1) Ontario

Power Generation Inc. shall continue to act as the Financial Services Manager

and shall fulfil its obligations in that capacity under this Act.

compensation

(2) Except

as may be provided for in any contract to which Ontario Power Generation Inc.

is a party as of the final plan date, the Financial Services Manager shall not

be entitled to be compensated for acting as the Financial Services Manager

under this Act.

Duties

of Financial Services Manager

(1) The

Financial Services Manager shall do the following until all existing funding

obligations and any other obligations and liabilities of the Fair Hydro Trust

have been satisfied or otherwise extinguished:

1. Perform

the duties assigned to it under this Act.

2. Administer

the investment asset on behalf of the Fair Hydro Trust.

3. Take

all necessary steps within its power to,

i. maintain

the Fair Hydro Trust’s legal existence,

ii. cause

the Fair Hydro Trust to comply with all of its obligations and undertakings

under the governing documents for the existing funding obligations, under all

other contracts to which it is a party and under this Act, and

iii. otherwise

maintain and observe reasonable and prudent practices in connection with the

Fair Hydro Trust’s operations.

Administration

of the investment asset

(2) The

administration of the investment asset may include providing information to the

Minister or the Minister of Finance in respect of obligations under this Act

and such other activities as may be prescribed.

Limitation

(3) Despite

subparagraph 3 iii of subsection (1), the Financial Services Manager is not

responsible or liable for obligations or undertakings of the Fair Hydro Trust

as a principal.

further funding obligations to be incurred

Neither

the Financial Services Manager nor the Fair Hydro Trust shall provide for

further funding obligations to be incurred by or on behalf of the Fair Hydro

Trust on or after the final plan date.

further financing entities to be established

(1) The

Fair Hydro Trust is the only financing entity established under this Act and,

for greater certainty, no other financing entity shall be established under

this Act.

Financing

entity

(2) For

the purposes of this section, the term “financing entity” has the meaning

assigned to it in this Act as it read immediately before the final plan date.

Amendment

to Financing Plan

The

Financial Services Manager shall, as soon as practicable on or after the final

plan date, amend the Financing Plan that was prepared under this Act, having

regard to the following principles:

1. The

payment of existing funding obligations, FHT expenses and taxes payable by the

Fair Hydro Trust should be made promptly as they become due and payable in

accordance with their terms.

2. No

further funding obligations may be incurred by or on behalf of the Fair Hydro

Trust on or after the final plan date.

3. The

Fair Hydro Trust should maintain its legal existence and remain in good

standing until all existing funding obligations and any other obligations and

liabilities of the Fair Hydro Trust have been satisfied or otherwise

extinguished.

4. The

Fair Hydro Trust should comply with all of its obligations and undertakings

under the governing documents for the existing funding obligations, under all

other contracts to which it is a party and under this Act and otherwise

maintain and observe reasonable and prudent practices in connection with its operations.

5. The

Financial Services Manager and the Manager of the Fair Hydro Trust should act

as any reasonably prudent manager would act in similar circumstances and deal

with related parties on arm’s length terms, and otherwise maintain and observe

reasonable and prudent practices and standards in connection with the

performance of its duties and obligations.

6. The

Financial Services Manager and the Manager of the Fair Hydro Trust should

together prepare and disseminate such disclosures and reports as are reasonably

required in order to inform and update the creditors of the Fair Hydro Trust

from time to time, including to reflect the enactment of

Schedule 3 to the Fixing the Hydro Mess Act, 2019 .

7. Such

other principles as may be prescribed.

Part

The Investment Asset

Validity

of transfer

(1) A

transfer under

section 26 of this Act as it read immediately before the final

plan date constituted a valid and enforceable absolute assignment, conveyance

and sale of the corresponding ownership interest in the investment asset to the

Fair Hydro Trust.

Effect

of transfer

(2) The

Fair Hydro Trust shall have a valid and enforceable ownership interest in the

investment asset as it is comprised on and after the final plan date.

Deemed

perfection, etc.

(3) At

the time a transfer occurred under

section 26 of this Act as it read

immediately before the final plan date, the transfer of the investment asset to

the Fair Hydro Trust shall be deemed to have been and shall be perfected,

vested, valid and binding as against the transferor and all other persons who

have claims of any kind against the transferor.

Same

(4) A

transfer described in subsection (3) shall be deemed to have been and shall be

a continuously perfected, vested, valid and binding ownership interest in the

investment asset as it is comprised on and after the final plan date, despite

the change to the composition of the investment asset that became effective on

the final plan date.

Same

(5) For

greater certainty, upon a transfer to the Fair Hydro Trust under

section 26 of

this Act as it read immediately before the final plan date, the investment

asset that resulted from the transfer was immediately vested in the Fair Hydro

Trust, free and clear of any adverse claim other than of any person having a

security interest created under or in accordance with the governing documents

for existing funding obligations and no adverse claim shall arise as a

consequence of the change to the composition of the investment asset that

became effective on the final plan date.

Priority

of transfer

(6) Subsections

(3) and (5) apply regardless of whether the persons who have claims have

received notice of the transfer and the property rights and interests acquired

by the Fair Hydro Trust shall have priority over any liens in favour of those

persons.

Investment

asset

(1) On

and after the final plan date, the investment asset constitutes and shall be

comprised of a current and irrevocable property right and interest consisting,

collectively, of the following rights and interests of the investment asset

owner and which constitute a substitution and continuation of the investment

asset that existed before the final plan date:

1. The

right and interest to receive and recover amounts required to be paid by the

Crown under

section 6 from the Crown and the right to determine those amounts

in accordance with this Act and the regulations.

2. The

right and interest to receive and recover amounts required to be paid by

Ontario Power Generation Inc. under

section 8 from Ontario Power Generation

Inc. and the right to determine those amounts in accordance with this Act and

the regulations.

3. All

rights and entitlements with respect to,

i. any

account, regardless of the name in which the account is opened, if amounts paid

by the Crown under

section 6 or by Ontario Power Generation Inc. under

section

8 are deposited into it,

ii. any

accounts opened in the name of or on behalf of the Fair Hydro Trust by the

Financial Services Manager or by the Manager of the Fair Hydro Trust, or

iii. such

other accounts as may be prescribed, including all amounts on deposit in such

accounts.

4. All

rights of any kind related to any of the other property rights or interests

that comprise the investment asset, including any continuing rights arising under

the agreement and instruments under which the investment asset was transferred

to the Fair Hydro Trust.

5. All

revenue, payments, money and proceeds of or derived from the rights described

in paragraphs 1 to 4, regardless of whether it is maintained together with or

commingled with other revenue, payments, money and proceeds.

Not

affected by failure

(2) An

ownership interest in the investment asset is not affected by any failure to

enforce, collect or accrue amounts in respect of the amounts payable under

section 6 or 8.

set off, etc.

(3) Subject

to subsection (4), the Fair Hydro Trust’s rights and interests under the

investment asset shall not be reduced as a consequence of any set off or

purported set off or exercise of any remedy by the Crown or Ontario Power

Generation Inc., by any affiliate or successor of Ontario Power Generation Inc.

or by any person in connection with any default of the Crown or Ontario Power

Generation Inc.

Exercise

of rights

(4) Subsection

(3) does not apply in respect of any exclusion provided for under paragraph 4

of subsection 7 (1).

Investment

asset owner may grant security interest

(1) The

security interest over the investment asset granted to secure the existing

funding obligations and other obligations under or contemplated by the

governing documents for the existing funding obligations continues to be valid

and enforceable in accordance with its terms.

Same

(2) The

investment asset owner may grant a security interest over all or a specified

portion of its right, title and interest in, to and under the investment asset

to or in favour of any person to secure an existing funding obligation.

Validity

(3) A

security interest granted under this Act, including a security interest granted

under this Act as it read immediately before the final plan date, shall be

valid and enforceable in accordance with its terms.

Perfection

and priority of security interests

(4) All

provisions of the Personal Property Security Act

shall apply to the investment asset and any portion of the investment asset on

the basis that the investment asset and any portion of the investment asset is

intangible personal property, except as otherwise provided for in this section,

and any granting of a security interest by the investment asset owner to secure

an existing funding obligation shall, subject to the terms of the existing

funding obligation, give rise to a security interest in respect of which that

Act applies and may be perfected by registering a financing statement under

that Act on that basis.

Proceeds

(5) All

proceeds of any portion of the investment asset that are subject to the

security interest referred to in subsection (1) or (2) and that are received by

the investment asset owner shall immediately be subject to the security interest

and shall be perfected without any physical delivery of the proceeds,

registration of any financing statement or any further act.

Perfection

(6) The

security interest shall be a continuously perfected security interest and shall

have priority over any other lien, created by operation of law or otherwise,

that may subsequently attach to the property rights and interests in the same

portion of the investment asset subject to the security interest, unless the

person to whom the security interest has been granted consents otherwise.

Same

(7) The

person to whom the security interest has been granted shall have a perfected

security interest in revenues or other proceeds that are deposited in any

account of any person who may have commingled such revenues or other proceeds

with other funds.

Notice

required

(8) The

secured party shall be entitled to exercise the rights of the investment asset

owner only after the secured party has given notice of the enforcement of its

security interest to the Fair Hydro Trust.

Interpretation

(9) For

the purposes of this section, a security interest is perfected when it is

perfected as described in the Personal Property Security

Act .

Sections 33 to 36 of the Act are repealed and the following substituted:

Sequestration

(1) A court in the Province of Ontario may, upon

application by the investment asset owner or a secured party, order the

sequestration and payment of amounts in respect of amounts payable under

section 6 by the Crown or amounts payable under

section 8 by Ontario Power

Generation Inc., in each case for the benefit of the investment asset owner or

secured party.

Same

(2) An

order under subsection (1) does not limit any other remedies available to the

applicant.

Choice

of law

The

law governing, as applicable, the validity, enforceability, attachment,

perfection, priority and exercise of remedies with respect to a transfer under

this Act, a security interest in the investment asset, the amounts payable

under sections 6 and 8 and any undertaking of the Crown under

section 5 shall

be the laws of the Province of Ontario.

Section 37 of the Act is amended by adding the following subsection:

Proceedings

Against the Crown Act

(2) For

greater certainty, this Act prevails over sections 19 and 21 of the Proceedings Against the Crown Act .

Section 38 of the Act is amended by striking out “or in relation to the

determination of the fair allocation amount” at the end.

Sections 40 and 41 of the Act are repealed and the following substituted:

Compliance

and restraining orders

Application

to court

(1) On

the application of the investment asset owner, the Superior Court of Justice

may make an order described in subsection (2) if it is satisfied that the

Financial Services Manager has failed to comply with or has contravened this

Act or the regulations or that the Financial Services Manager will fail to

comply with or will contravene this Act or the regulations.

Order

(2) The

Superior Court of Justice may, by order,

(

a) direct

the Financial Services Manager to comply with this Act or the regulations;

(

b) restrain

the Financial Services Manager from contravening this Act or the regulations;

(

c) require

compensation to be provided by the Financial Services Manager to the investment

asset owner.

Same

(3) An

application under subsection (1) may be made by the investment asset owner in

addition to exercising any other right of the investment asset owner.

(1) Paragraphs 3 to 7 of subsection 42 (1) of the Act are repealed

and the following substituted:

3. Governing

transitional matters relating to the enactment of

Schedule 3 to the Fixing the Hydro Mess Act, 2019 .

(2) Subsection

42 (2) of the Act is repealed and the following substituted:

Limitation

(2) Despite

subsection (1) or any other Act, no regulation under this Act shall have the

effect of reducing, impairing, postponing or terminating,

(

a) the

obligations of the Crown to pay amounts under

section 6 or impairing or

postponing the recovery of the amounts under

section 6; or

(

b) the

obligations of Ontario Power Generation Inc. to pay amounts under

section 8 or

impairing or postponing the recovery of the amounts under

section 8.

Amendments

to other Acts

Electricity

Act, 1998

(1) Subclause 6 (1) (q.1) (iii) of the Electricity

Act, 1998 is repealed.

(2) Subsection

25.33 (1) of the Act is amended by adding “and” at the end of clause (a), by

striking out “and” at the end of clause (

b) and by striking out clause (c).

(3) Subsection

25.33 (2) of the Act is amended by adding “and” at the end of clause (a), by

striking out “and” at the end of clause (

b) and by striking out clause (c).

(4) Clause

25.33 (4) (

b) of the Act is amended by striking out “ Ontario

Fair Hydro Plan Act, 2017 ” at the end and substituting “ Ontario Energy Board Act, 1998 ”.

(5) Subsection

25.33 (5) of the Act is amended by striking out “ Ontario

Fair Hydro Plan Act, 2017 ” at the end and substituting “ Ontario Energy Board Act, 1998 ”.

(6) Subsection

53.1 (1.1) of the Act is repealed and the following substituted:

Same,

Ontario Fair Hydro Plan Act, 2017

(1.1) In

addition to the objects mentioned in subsection (1), the objects of Ontario

Power Generation Inc. include exercising the powers and rights and performing

the duties and obligations assigned to it under the Ontario

Fair Hydro Plan Act, 2017 and engaging in activities to facilitate the

implementation of that Act, including entering into contracts and undertakings

on behalf of the Fair Hydro Trust and performing other services on behalf of

the Fair Hydro Trust.

(7) Subsections

53.1 (1.3) to (1.5) of the Act are repealed and the following substituted:

Deemed

assets, non-subsidiary

(1.3) Despite

any other provision of this Act, the Business Corporations

Act or any other Act, and subject to

section 8 of the Ontario Fair Hydro Plan Act, 2017 , if the Fair Hydro

Trust is not a subsidiary of Ontario Power Generation Inc.,

(

a) the

assets and liabilities of the Fair Hydro Trust shall not form part of the

assets and liabilities of Ontario Power Generation Inc. or any of its subsidiaries;

and

(

b) the

assets and liabilities of Ontario Power Generation Inc. or any of its

subsidiaries shall not form part of the assets and liabilities of the Fair

Hydro Trust.

Deemed

assets, subsidiary

(1.4) Despite

any other provision of this Act, the Business Corporations

Act or any other Act, and subject to

section 8 of the Ontario Fair Hydro Plan Act, 2017 , if the Fair Hydro

Trust is a subsidiary of Ontario Power Generation Inc.,

(

a) the

assets and liabilities of the Fair Hydro Trust shall not form part of the

assets and liabilities of Ontario Power Generation Inc. or any of its other

subsidiaries; and

(

b) the

assets and liabilities of Ontario Power Generation Inc. or any of its other

subsidiaries shall not form part of the assets and liabilities of the Fair

Hydro Trust.

Definition

(1.5) For

the purposes of this section,

“Fair

Hydro Trust” has the same meaning as in the Ontario Fair

Hydro Plan Act, 2017 .

Ontario

Energy Board Act, 1998

(1) Paragraph 4 of subsection 70 (2.1) of the Ontario Energy Board

Act, 1998 is repealed.

(2) Subsection

70 (2.4) of the Act is repealed.

(3) Paragraph

4 of subsection 78.1 (3.1) of the Act is repealed and the following

substituted:

4. Amounts related to the consolidation of

the assets and liabilities for accounting purposes of the Fair Hydro Trust

within the meaning of the Ontario Fair Hydro Plan Act,

2017 .

Commencement

Commencement

13 This

Schedule comes into force on November 1, 2019.

Schedule 4

Ontario Rebate for Electricity Consumers Act, 2016

The definition of “eligible account” in subsection 1 (1) of the Ontario Rebate for Electricity Consumers Act, 2016 is

repealed and the following substituted:

“eligible

account” means, in respect of a consumer, an account with an electricity

vendor, or with a person prescribed by the regulations, for the provision of

electricity in Ontario, if the consumer and the account satisfy the conditions

prescribed by the regulations; (“compte admissible”)

Section 2 of the Act is repealed.

Subsection 3 (1) of the Act is repealed and the following substituted:

Financial

assistance

(1) A consumer who has an

eligible account during a billing period is entitled to receive the financial

assistance that is prescribed by the regulations in respect of the cost of

electricity during the billing period in relation to the eligible account.

(1) Subsection 4 (1) of the Act is repealed and the following

substituted:

Invoices

(1) Unless

otherwise prescribed by the regulations, every electricity vendor who issues an

invoice for a billing period to a consumer in respect of an eligible account

shall ensure that the invoice meets the following requirements:

1. The

invoice must clearly show, in the manner specified by the regulations if any,

i. a

credit equal to the amount of the financial assistance provided to the consumer

for the billing period, and

ii. the

net amount of the invoice after the credit.

2. The

invoice must be accompanied by the information required by the regulations.

(2) Subsection

4 (3) of the Act is repealed and the following substituted:

effect on entitlement

(3) The

entitlement of a consumer to financial assistance under this Act is not

affected by any failure of an electricity vendor or person referred to in

subsection (2) to comply with an invoicing requirement set out under this Act.

(1) Clause 15 (1) (

a) of the Act is amended by striking out “the

Minister of Energy’s powers” and substituting “the powers of the Minister of

Energy, Northern Development and Mines”.

(2) Clause

15 (1) (

e) of the Act is repealed and the following substituted:

(

e) governing

the determination of the financial assistance to which a consumer is entitled

under this Act, including,

(

i) setting

out the amount of financial assistance or methods for determining it,

(ii) respecting

the calculation of the cost of electricity during a billing period,

(iii) setting

out limits or maximums on the amount of financial assistance that may be paid,

or methods for determining any such limits or maximums, including limits on the

number of kilowatt hours of electricity used, as determined in accordance with

the regulations, with respect to which financial assistance may be paid,

(iv) limiting

the application of any limits or maximums referred to in subclause (iii) to a

specified period;

(3) Subsection

15 (2) of the Act is amended by striking out the portion before clause (

a) and

substituting the following:

Regulations,

Minister

(2) The

Minister of Energy, Northern Development and Mines may make regulations,

. . . .

(4) Subsection

15 (2) of the Act is amended by adding the following clauses:

(b.1) providing

for extensions of time for compliance with an invoicing requirement set out

under this Act, including,

(

i) providing

for and specifying circumstances in which the Minister may by notice in writing

provide such an extension to an electricity vendor or person referred to in

subsection 4 (2),

(ii) requiring

electricity vendors and persons referred to in subsection 4 (2) to comply with

the invoicing requirement within the extended time, and

(iii) subject

to the regulations made under clause (1) (f), respecting the method by which

financial assistance that was not paid or credited to a consumer as a result of

a delay in compliance with an invoicing requirement shall be paid or credited;

(b.2) providing

for exemptions from and alternatives to an invoicing requirement set out under

this Act, including,

(

i) providing

for and specifying circumstances in which the Minister may by notice in writing,

(

A) exempt

an electricity vendor or person referred to in subsection 4 (2) from complying

with an invoicing requirement set out under this Act, and

(

B) specify

an alternative invoicing requirement or requirements with which to comply

instead, and

(ii) requiring

electricity vendors and persons referred to in subsection 4 (2) to comply with

alternative invoicing requirements;

(5) Subsection

15 (4) of the Act is amended by,

(

a) striking

out “Minister of Energy” and substituting “Minister of Energy, Northern

Development and Mines”; and

(

b) adding

“other than under clause (1) (e)” at the end.

The following provisions of the Act are amended by striking out “Minister of

Energy” wherever it appears and substituting in each case “Minister of Energy,

Northern Development and Mines”:

1. Subsection

5 (2).

2. Subsection

10 (9).

3. Clauses

11 (1) (

a) and (2) (a).

Commencement

7 This

Schedule comes into force on a day to be named by

proclamation of the Lieutenant Governor.

Bill 87 As Amended by Standing Committee (PDF)

This

reprint of the Bill is marked to indicate the changes that were made in

Committee.

The

changes are indicated by underlines for

new text and a strikethrough for deleted

text.

______________

EXPLANATORY

NOTE

The

Bill amends various Acts. The major elements of the Bill are described below.

Schedule 1

Electricity Act, 1998 and Ontario Energy Board Act, 1998 (Procurement

Contracts)

The

Schedule amends the Electricity Act, 1998 with

respect to the funding of amounts payable by the IESO to entities under

procurement contracts. Some or all such amounts as may be prescribed by

regulation that are payable under such procurement contracts as may be prescribed

by regulation that are entered into by the IESO under clause 25.32 (2) (a), (

b) or (

c) of the Act (respecting electricity supply, capacity or storage; changes

in electricity demand; measures related to the conservation of electricity or

the management of electricity demand) may, under subsection 25.34 (2), be paid

for out of money appropriated for the purpose by the Legislature instead of

being recoverable under

section 25.33 through billings. The amendments

providing for this method of funding may be repealed on proclamation of the

Lieutenant Governor.

addition, the

Schedule amends

section 25.33 of the Act to

provide that amounts payable under procurement contracts entered into under

clause 25.32 (2) (

d) of the Act (respecting transmission systems) are not to be

recovered under

section 25.33 through billings. Instead,

section 78 of the Ontario Energy Board Act, 1998 is amended to provide that

the Ontario Energy Board shall provide for the recovery of those amounts when

approving or fixing rates for the transmitting of electricity.

Section 97.3 is

added to the Ontario Energy Board Act, 1998 to

provide that those amounts and other specified matters shall not be the subject

of review by the Board on an application for leave under

section 92.

Finally, the

Schedule provides that Wataynikaneyap

Power GP Inc. is exempted from certain provisions of the Crown Forest

Sustainability Act, 1994 in respect the Wataynikaneyap Power Transmission

Project.

Schedule 2

Ontario Energy Board Act, 1998 (Governance)

The

Schedule amends the Ontario Energy Board Act, 1998

to change the Board’s corporate governance structure. Subsection 4 (5) of the

Act provides for the members of the Board to be a board of directors, a chief

executive officer, commissioners (including a chief commissioner) and any other

person or class of persons prescribed by the regulations. Sections 4.1 to 4.3

of the Act are re-enacted to provide for the appointment of the members of the

Board, and complementary amendments are made throughout the Act to reflect the

restructuring. The amendments to the Act made by the

Schedule provide that,

generally speaking, the board of directors exercises the powers of the Board

with respect to its administrative functions, and panels of commissioners

assigned by the chief commissioner for the purpose exercise the powers of the

Board with respect to its adjudicative and regulatory functions. The chief

executive officer is granted specific powers, including the power to make rules

under

section 44 of the Act and the power to issue codes under

section 70.1 of

the Act. Various transition provisions are included to address the transition

from the current governance structure to the one provided for by the Schedule,

including the addition of a regulation-making authority to address transition

matters (subsection 127 (6) of the Act).

Consequential

amendments are made to the Energy Consumer Protection Act,

2010 .

SCHEDULE 3

ONTARIO FAIR HYDRO PLAN ACT, 2017

The

Schedule amends the Ontario Fair Hydro Plan Act, 2017 .

The

Act currently establishes a framework under which the costs and benefits

associated with specified Government of Ontario policies are allocated among

present and future consumers of electricity. The

Schedule replaces that

framework with one under which the Crown and Ontario Power Generation Inc. are instead

required to pay specified amounts to the Fair Hydro Trust. The following are

some of the features of the new framework:

1. Ontario

Power Generation Inc. is required to continue to act as the Financial Services

Manager.

2. The

Schedule provides that Fair Hydro Trust is the only financing entity and that

no other financing entities may be established under the Act.

3. The

Financial Services Manager and the Fair Hydro Trust are prohibited from incurring

further funding obligations.

4. The

Financial Services Manager must perform specified duties, including

administering the investment asset on behalf of the Fair Hydro Trust. The

Financial Services Manager must amend the Financing Plan, having regard to

specified principles.

Section

25 of the current Act creates a regulatory asset;

section 26 of the current Act

authorizes the IESO to transfer a specified portion of the regulatory asset to

a financing entity. The

Schedule provides that a transfer under the current Act

constituted a valid and enforceable absolute assignment, conveyance and sale of

the corresponding ownership interest in the investment asset to the Fair Hydro

Trust.

6. Provisions

are included to provide protection from liability for various parties,

including specified consumers and electricity vendors.

The Electricity Act, 1998 and the Ontario Energy Board Act, 1998 are also amended to

address consequential matters.

Schedule 4

Ontario Rebate for Electricity Consumers Act, 2016

The

Schedule amends the Ontario Rebate for Electricity

Consumers Act, 2016 in order to provide that the financial assistance to

be paid or credited under the Act, and the determination of which consumers are

entitled to that financial assistance, are to be set out by regulations made

under the Act by the Lieutenant Governor in Council. In addition, amendments

are made to

section 4 of the Act, and to the regulation-making authority of the

Minister of Energy, Northern Development and Mines in relation to

section 4,

with respect to invoicing requirements related to the financial assistance paid

or credited under the Act. Finally, references to the Minister of Energy are

updated.

Bill 87 2019

Act to amend various statutes related to energy

Contents

of this Act

Commencement

Short

title

Schedule 1

Electricity

Act, 1998 and Ontario Energy Board Act, 1998 (Procurement Contracts)

Schedule 2

Ontario

Energy Board Act, 1998 (Governance)

Schedule 3

Ontario

Fair Hydro Plan Act, 2017

Schedule 4

Ontario

Rebate for Electricity Consumers Act, 2016

Her

Majesty, by and with the advice and consent of the Legislative Assembly of the

Province of Ontario, enacts as follows:

Contents

of this Act

This Act consists of this section, sections 2 and 3 and the Schedules to this

Act.

Commencement

(1) Subject to subsections (2) and (3), this Act comes into force on

the day it receives Royal Assent.

(2) The

Schedules to this Act come into force as provided in each Schedule.

(3) If

a

Schedule to this Act provides that any provisions are to come into force on a

day to be named by proclamation of the Lieutenant Governor, a proclamation may

apply to one or more of those provisions, and proclamations may be issued at

different times with respect to any of those provisions.

Short

title

The

short title of this Act is the Fixing the Hydro Mess

Act, 2019 .

Schedule 1

Electricity Act, 1998 and Ontario Energy Board Act, 1998 (Procurement

Contracts)

Electricity

Act, 1998

The definition of “procurement contract” in subsection 2 (1) of the Electricity Act, 1998 is repealed and the following

substituted:

“procurement

contract” means a contract entered into by the IESO under

section 25.32; (“contrat

d’acquisition”)

Subsection 25.32 (2) of the Act is amended by striking out the portion before

clause (

a) and substituting the following:

Entering

into contracts

(2) The

IESO shall, if required to do so under an implementation plan, a directive

issued under subsection (5) or a direction continued under subsection (9) or

(10), as amended, and may, if an implementation plan provides the authority to

do so, enter into contracts for the procurement of,

. . . .

(1) Clause 25.33 (1) (

b) of the Act is amended by striking out

“amounts funded under

section 25.34” and substituting “amounts listed under

subsection (2.1)”.

(2) Clause

25.33 (2) (

b) of the Act is amended by striking out “amounts funded under

section 25.34” and substituting “amounts listed under subsection (2.1)”.

(3) Section

25.33 of the Act is amended by adding the following subsection:

Excluded

amounts

(2.1) The

following amounts are excluded from clauses (1) (

b) and (2) (b):

1. Amounts

funded under

section 25.34.

2. Amounts

paid under procurement contracts entered into under clause 25.32 (2) (d).

(1) Subsection 25.34 (2) of the Act is repealed and the following

substituted:

Same

(2) Subsection

(1) applies with respect to the following amounts:

1. Subject

to the regulations, amounts required to be paid by the IESO to an entity as a

result of the termination, in accordance with Order in Council 1003/2018 made

on July 5, 2018, of a procurement contract to which the entity was a party.

2. The

amounts prescribed by the regulations that are paid by the IESO to entities

under such procurement contracts entered into under clause 25.32 (2) (a), (

b) or (

c) as may be prescribed by the regulations.

(2) Paragraph

2 of subsection 25.34 (2) of the Act, as enacted by subsection (1), is

repealed.

(1) Clause 114 (1.3) (

h) of the Act is repealed and the following

substituted:

(

h) for

the purposes of subsection 25.34 (2),

(

i) providing

that certain amounts or portions of amounts are not included in the amounts

referred to in paragraph 1 of that subsection, and specifying those excluded

amounts or portions of amounts or methods for determining them,

(ii) setting

out amounts and procurement contracts for the purposes of paragraph 2 of that subsection.

(2) Clause

114 (1.3) (

h) of the Act, as re-enacted by subsection (1), is repealed and the

following substituted:

(

h) providing

that certain amounts or portions of amounts are not included in the amounts

referred to in paragraph 1 of subsection 25.34 (2), and specifying those

excluded amounts or portions of amounts or methods for determining them.

Ontario

Energy Board Act, 1998

Section 78 of the Ontario Energy Board Act, 1998 is

amended by adding the following subsections:

Same,

amounts payable to transmitters under procurement contracts

(5.3) In

approving or fixing just and reasonable rates for the transmitting of

electricity for a transmitter who is a party to a procurement contract entered

into under clause 25.32 (2) (

d) of the Electricity Act,

1998 , the Board shall apply a method that provides for the recovery of

amounts paid or to be paid to the transmitter under the procurement contract.

Same,

transmission procurement contract costs

(5.4) In

approving or fixing just and reasonable rates for the transmitting of

electricity for a period, the Board shall include the amounts referred to in

subsection (5.3) that apply with respect to that period.

Information

(5.5) The

IESO shall, for the purposes of subsections (5.3) and (5.4), provide to the

Board such information respecting amounts paid or to be paid to transmitters

who are a party to a procurement contract entered into under clause 25.32 (2)

(

d) of the Electricity Act, 1998 as the Board may

require.

The Act is amended by adding the following section:

Procurement

contracts re transmission systems

97.3

(1) In an

application under

section 92, the Board shall accept as valid and not inquire

into the basis of,

(

a) amounts

payable under a procurement contract entered into under clause 25.32 (2) (

d) of

the Electricity Act, 1998 , including the prices and

costs provided for by the procurement contract, and any costs associated with

the procurement contract; or

(

b) any

procurement process relating to a procurement contract referred to in clause

(a).

Same

(2) For

greater certainty, subsection (1) does not otherwise affect the making of a

determination by the Board under

section 96 with respect to the application.

Crown Forest Sustainability Act, 1994

7.1 The Crown

Forest Sustainability Act, 1994 is amended by adding the following

section:

Exemption

68.1

(1) The

following provisions of this Act do not apply to Wataynikaneyap Power GP Inc.

in its capacity as general partner of Wataynikaneyap Power LP in respect of its

harvesting of Crown forest resources in connection with the Wataynikaneyap

Power Transmission Project that was approved by the Ontario Energy Board on

April 2, 2019:

Section

Section 43.

3. Clauses 58 (1) (

a) and (

d) and clause 58 (1)

(

e) as it relates to any contravention of

section 43.

4. Clause 64 (1) (a), clause 64 (1) (

c) as it

relates to any contravention of subsection 42 (1) or

section 43 and clause 64

(1) (h).

Repeal

(2) This

section is repealed on a day to

be named by proclamation of the Lieutenant Governor.