OFA Values and Divisions
At the OFA, we stand for and live by our values:
RESPECT – How We Treat Each Other
We value and treat each individual with dignity, and foster inclusion by embracing diverse perspectives and experiences. We nurture our employees’ emotional and intellectual engagement to their work and promote balance, enabling them to be productive in the workplace while managing other aspects of their lives.
INNOVATION – How We Grow
We encourage new ideas, experimentation, and adaptation, while committing to continuous improvement of our people, processes, and services through skills development and sustainable, creative solutions.
TEAMWORK – How We Work
We work collaboratively leveraging the abilities of each individual to achieve a shared purpose. We commit to information sharing by exchanging meaningful knowledge and ideas, and ensure transparency through honest and open exchange of information in all decision making.
ACCOUNTABILITY – What We Strive For
We deliver Public Service to the people of Ontario and enhance the public good through the pursuit of excellence. We take ownership of our actions, exercise initiative, and invest in leadership development to provide vision, drive change, and inspire the best in us.
Capital Markets Division
- 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.
Corporate Affairs Division
- Provides centralized support for core business functions such as:
- Management of internal and external communications services.
- Oversight of procurement and project management.
- Development of strategic guidance to human resources and workplace engagement.
Information Technology Division
- Responsible for IT infrastructure, applications, cyber security and network management, specialized treasury application development, and providing advice for new electronic business solutions.
Risk Control Division
- 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 Division
- 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.
- 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 and the Ministry of Finance to carry out its daily operations on a cost-recovery basis.