Thank you for the question.
The goal of the bill is to tackle this problem by targeting the multinational corporations that make extensive use of tax havens. Unfortunately, the definition now found in the bill is a bit too broad, and this means that electricity companies might also be affected, since they are very large corporations. Their debt structure is very large, and they carry out projects for the benefit of us all. Small businesses that grow to a certain threshold and corporations that do most of their business in Canada are already excluded. So there is a degree of protection.
However, we are preparing to enter a period of investment in energy and in electrification of many services. In some provinces, certain corporations are regulated. There are corporations, especially in the public sector, to which this measure does not apply. That will create an asymmetry and a potential rate increase, since customers of the corporations affected by this new rule might see their rates rise, but not customers of the other corporations.
It is important to note that the OECD itself is proposing an exclusion for public benefit projects. Are electricity and electrification for the public benefit? I would say yes. In a context where we are seeing climate change and investment in new energy sources, this is very important. That is why we are requesting this exemption.