Transport committee  I'd love to bring you on the road with me, because your description of the CIB at the start of your comments was perfect, and I agree with every word you said. That is our job.

Transport committee  That's okay. You can come with me, and we'll tell the story of the CIB.

Transport committee  I liked your first message. The modelling done by the IESO is an hour-by-hour net model of all the supply in the province, imports and exports. The modelling that was conducted by the independent system operator and verified by our external adviser said there will be lots of ho

Transport committee  I appreciate the question. You're right. The CIB really does focus on transparency. You see the finery in our reports, all of our expenses, an explanation of our bonuses and an explanation of our performance targets, along with when we meet them and when we don't. The performance

Transport committee  We're making loans, so the revenue.... The number I just quoted, the $3.7 billion last year, is correct. Those are loans that we have made in the past 12 months. The money will be loaned out and repaid over 10, 15, 20 and sometimes 30 years, with interest. Over time, the CIB wil

Transport committee  I'd just like to clarify the question, if I may. We're not seeking to make money from the private sector. We're seeking to coinvest with it. In the Lake Erie connector example, we were going to lend $655 million at the time, in 2021, when the project was agreed upon. The projec

Transport committee  Thank you for the question. Sashen, I may turn to you in a moment. I just have three points. First, I absolutely agree with the idea that more transmission connections across this country are important to creating a reliable grid and meeting our electricity needs, whether that

Transport committee  Thank you.

Transport committee  Thank you for the question. It is interesting, isn't it? I think the CIB is an innovative tool, but we are far from the only one. The Nordic countries have partnered together in a very long history around a Nordic bank, and Germany has the KfW with a similar structure. Since

Transport committee  Absolutely, and as part of of our natural due diligence, we always ensure that permits are received.

Transport committee  To be very clear, the achievement of permits is the problem of the project proponent, in this case, Fortis. We did not pay for them to get permits. We paid to do our due diligence to make sure that all permits were received and in good order, and that the project was investable.

Transport committee  I'll be brief. I'll start, if I may, by recapping the due diligence around the project. It's really important. Of course, Dr. Winfield is an expert on this subject, but I just want to talk about our due diligence and the due diligence that came from the independent system operato

Transport committee  In each of our investments, when it reaches the stage of an investment commitment, as this project did, we undertake due diligence. In this case, the due diligence really had two forms. First, you can imagine in a loan of this size that there's a decent amount of legal work to s

Transport committee  It's quite the contrary. The project actually.... Your last statement is absolutely correct; the project was suspended. Let's go back. This is 2021-22. Ontario determined the price it was willing to pay for this line. It was a fixed price offered by the independent system operato

Transport committee  Not at all. The project is live. The new owner of the project, NextEra, a large transmission operator, has restarted the work. Like many infrastructure projects.... One of the first things someone taught me in this industry is that every project dies a few times before it really