Ontario energy minister Glenn Thibeault downplays dispute between auditor, electricity operator

TORONTO – Ontario’s energy minister is downplaying a dispute between the auditor general and the Crown corporation that manages the province’s electric market after the auditor called the agency’s accounting practices “bogus” last week.

Glenn Thibeault says concerns raised by Auditor General Bonnie Lysyk during testimony before a legislative committee aren’t new and the practices being used by the Independent Electricity System Operator are common in other jurisdictions and endorsed by major auditing firms.

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Lysyk said last week that the agency is using “bogus” accounting practices and her office launched a special audit of the agency late last year after it removed key information from its financial statements.

Lysyk says the accounting changes impact the provinces’ deficit, understating it by $1.3 billion as of the end of 2017.

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Lysyk said that the IESO “stalled” her office when it asked for information and was not co-operative during the audit.

The IESO did not immediately respond to a request for comment.