Ontario Premier Wynne blatantly lied to Ontarians about Hydro cost staying low. (The Star).
Electricity prices to soar after four years, says secret Liberal cabinet document. According to briefing materials obtained by the Progressive Conservatives, rates would start rising 6.5 per cent a year in 2022 and top out at 10.5 per cent in 2028, when average monthly bills hit $215.
The short-term gain of a 25-per-cent hydro rate cut this summer could lead to long-term pain as a leaked cabinet document forecasts prices jumping again in five years.
In the briefing materials first revealed by the Star and obtained by the Progressive Conservatives, rates will start rising 6.5 per cent a year in 2022 and top out at 10.5 per cent in 2028, when average monthly bills hit $215.
That would be up from $123 this year once the rate cut — the subject of long-awaited legislation unveiled Thursday by Energy Minister Glenn Thibeault — takes full effect. There will be another 17-per-cent cut in addition to the 8 per cent taken off bills in January when the provincial portion of the HST was waived.
The leaked papers overshadowed Thibeault’s efforts to tout the price break, which will be followed with four years of hydro rate increases at 2 per cent, roughly the rate of inflation.
Thibeault charged that the Conservatives used an “outdated” document to distract from the fact that they are the only major party without a plan for dealing with skyrocketing hydro rates, with a year to go until next June’s provincial election.
“It’s not a coincidence,” he told reporters, denying any plans for an eventual 10.5-per-cent rate hike and promising the government’s new long-term energy plan, due in a few months, will have better numbers.
“We are working hard right now to continue to pull costs out of the system.”
Opposition parties said the Liberal plan doesn’t deal with the underlying problems that have made electricity expensive and simply borrows money to spread the costs over a longer period of time, with $25 billion in interest charges over 30 years.
“The price of electricity is going to skyrocket after the next election,” warned Conservative MPP Todd Smith (Prince Edward—Hastings).
“The government isn’t being honest with the people of Ontario when it comes to the price of electricity.”
The documents show average monthly bills peaking at $231 in the year 2047, before falling back to $210 the following year once the 30 years of interest payments are over. Hmmmm......As i warned she would do (See tweet below).For Wynne & Liberals Hydro and the sell of Hydro One is just a means of generating more Tax revenue. PERIOD! Coming elections We have to vote this premier and her party in to oblivion. Read the full story here.
@allnews2nite Once re-elected expect 15% #Hydro rate increase. Thanks suckers!#Wynne #onpoli https://t.co/YAow0Rc5HC— MFS - The Other News (@MFS001) February 13, 2017
