Toronto Hydro terminates contracts, up to 1,000 jobs lost

Toronto Hydro has terminated contracts with several outside contractors, and it's warning that internal layoffs could be next.

The contractors are expected to dismiss between 700 and 1,000 employees because of the loss of Toronto Hydro's business, according to the Toronto Star.

And the company says that it may lay off as many as 340 of its own employees, 20 percent of its internal workforce.

The cuts were announced after the Ontario Energy Board declined to award Toronto Hydro the $500 million (Canadian) in extra annual revenue that it had requested.

“We’ve started the process of right-sizing, or downsizing, the company to meet the approved amount,” said Blair Peberdy, vice president of Toronto Hydro.

Source: Biz Journals