Ontario Electricity Financial Corporation

The Ontario Electricity Financial Corporation (OEFC) is one of five successor corporations to Ontario Hydro, established under the Electricity Act of 1998 and is an agent of the Crown. OEFC is the legal continuation of Ontario Hydro responsible for managing the debt, including financial risks and liabilities, of Ontario Hydro not transferred to other successor entities. Debt servicing requirements are met with proceeds received from the Province and other Ontario Hydro successor corporations along with a special charge levied on electricity ratepayers. Since OEFC is an agent of the Crown for all purposes, its ratings are based on the Province of Ontario and all borrowing needs are currently funded through the Province on behalf of OEFC.