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RSS FeedsHydro rate cut will ultimately cost $21B, watchdog warns
(The Star Theatre)

 
 

24 may 2017 15:55:02

 
Hydro rate cut will ultimately cost $21B, watchdog warns
(The Star Theatre)
 


It’s a short-term hydro bill gain in exchange for longer term fiscal pain.The Liberal government’s “Fair Hydro Plan,” which lowers electricity bills by 25 per cent, will ultimately zap Ontarians to the tune of $21 billion over the next three decades, the province’s budget watchdog has found.In a 15-page report released Wednesday, Financial Accountability Officer Stephen LeClair said the scheme will cost the province $45 billion over the next 29 years while saving ratepayers $24 billion for a $21 billion net expense.But LeClair warned his estimates are only applicable if “the province is able to achieve and maintain a balanced budget over 20 years.”Finance Minister Charles Sousa only balanced the books last month after nine years of deficits.The average monthly hydro bill is now $156 per household and the 25 per cent rate cut will lower the average this year to $123.Recent public opinion polls suggest the Premier Kathleen Wynne’s Liberals appear to be benefiting from the forthcoming lower electricity prices with two recent surveys showing they are closing the gap with the Progressive Conservatives led by Patrick Brown.Both the Tories and Andrea Horwath’s New Democrats oppose the Liberals’ rate-cutting measure.LeClair said it will keep homeowner’s electricity costs lower than they would have been over the next decade, though they will be slightly more expensive after 2027.“Although eligible electricity ratepayers are projected to achieve overall savings of $24 billion, the savings is not distributed evenly over time,” the independent legislative officer wrote.“From 2017 to 2027, electricity costs are projected to be lower under the (Fair Hydro Plan) compare to the status quo (for a total savings of $33 billion), while after 2027, electricity costs are projected to be higher under the FHP compared to the status quo (for a total cost of $9 billion),” he continued ...


 
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