- Develops and executes the Province's borrowing and debt management programs, invests funds for the Province and specific government entities, and provides investment, borrowing, debt and energy management services to the Ontario public sector.
- Responsible for investor relations, documentation and the Ontario Savings Bond program.
- Responsible for risk management policies, information relating to risk exposures, market value and performance measurement of capital market transactions and portfolios.
- Monitors and forecasts public debt interest, undertakes the credit analysis of counter-parties, and maintains Ontario's relationship with credit rating agencies.
Finance and Treasury Division
- Responsible for settling, accounting and reporting on a timely and accurate basis the Province’s and the Ontario Electricity Financial Corporation’s (OEFC) debt, Interest on Debt (IOD) and investments.
- Providing centralized cash management and banking services to the Province on an effective and efficient basis.
Corporate & Electricity Finance
- Provides financial advice to the Minister of Finance, ministries, Crown agencies and other public bodies on:
- Policies and projects including capital markets borrowing, financial transactions, provincial indemnities, guarantees and other financial arrangements.
- Electricity reforms and supply initiatives, the financial performance of Ontario Power Generation, Hydro One and the Ontario Electricity Financial Corporation (OEFC) and the implementation of the Ontario Nuclear Funds Agreement.
Strategic Corporate Services
- Responsible for information technology infrastructure and network management, specialized treasury application development, electronic business solutions, and physical security management.
- Coordinates the OFA's human resources functions, accommodations requirements and general office administration.
- Provides legal advice and acts as Corporate Secretary to the Board of Directors.
Ontario Electricity Financial Corporation (www.oefc.on.ca)
Ontario Electricity Financial Corporation (OEFC or the Corporation) is one of five entities established by the Electricity Act, 1998 (the Act) as part of the restructuring of the former Ontario Hydro.
Under the Act, the former Ontario Hydro was restructured into Ontario Power Generation Inc. (OPG), Hydro One Inc. (Hydro One), the Independent Electricity System Operator (IESO), the Electrical Safety Authority (ESA) and OEFC.
In accordance with the Act, OEFC has the following mandate:
- managing its debt, financial risks and liabilities, including the debt of the former Ontario Hydro;
- managing the former Ontario Hydro’s non-utility generator (NUG) contracts in the current market environment;
- receiving all payments and administering other assets, liabilities, rights and obligations of the Corporation that were not transferred to another of the former Ontario Hydro successor corporations and disposing of any of these items as it deems appropriate or as directed by the Minister of Finance;
- providing financial assistance to the successor corporations of Ontario Hydro;
- entering into financial and other agreements relating to the supply of electricity in Ontario; and
- performing any additional objects specified by the Lieutenant Governor in Council.
OEFC retains the services of the Ontario Financing Authority (OFA) and the Ministry of Finance to carry out its daily operations on a cost-recovery basis. The OFA is the agency of the Province of Ontario (the Province) responsible for provincial borrowing and debt management.