In the process of completing its review, the Panel increasingly appreciated the importance of the OEB's work. Prudent regulation of the energy sector is not merely about setting fair rates or authorizing capital investments. It is about supporting a growing economy and helping Ontarians maintain a high quality of life. In furthering the adequacy, reliability, and quality of energy service, the work of the OEB supports Ontario's economic, social, and environmental development.

Given these realities, the role of the OEB will be even more critical over the next decade. New disruptive technologies are poised to impact and redefine the marketplace which the OEB regulates. For example:

  • Energy storage facilities such as batteries and other distributed energy resources will increasingly become affordable and accessible;
  • Many Ontarians will move towards electric cars; and
  • Industrial and commercial customers will seek to generate more of their own electricity, thereby relying less on (and being less willing to contribute to the cost of) the electricity grid.footnote 6

These and many other changes have the potential to significantly affect traditional methods of generating, delivering, and consuming energy. The resulting new business models, changing consumer expectations, and increased interconnection between the energy system and the broader economy will require the OEB to adapt its policies, governance and practices to continue to serve the public interest.

The Panel believes that it is vital for Ontario's well-being that the OEB not only manage this transition, but that it manages this transition extraordinarily well. To perform at this level, the OEB will need to rely on a significant amount of public trust—an essential ingredient for institutions that have delegated authority from government. Public trust in the context of a regulator requires that all interested parties—the regulatory community, the public and public representatives—have confidence that the regulator will develop policies and issue decisions that are fair, well-reasoned, and responsive to their concerns.

To have and sustain public trust in this day and age is more challenging than it used to be. Institutions that pursue the public interest are subject to a broad range of commentary and criticisms from diverse stakeholders. Regulatory institutions are not immune from this trend, and the OEB will be tested in the years ahead to achieve the highest standard of excellence.

Footnotes