Over the past few years we’ve seen hydro rates skyrocket due in part to provincial mismanagement. Recall the fiasco when the debt retirement charge was removed from our bills on the same day that we lost a 10% Ontario Clean Energy Benefit credit? Now today, the provincial government released a statement confirming the merger between Brampton Hydro One, Enersource, Powerstream and Horizon to create the second-largest electricity distributor in the province.
Bob Chiarelli, Ontario’s Minister of Energy says that “this is a win-win for the electricity ratepayers involved, as well as the municipalities in each of the communities. It will result in the creation of an improved company that is better positioned to serve customers, an increase in dividends for municipal shareholders and customers will benefit from savings on electricity rates. I am pleased that each of the municipalities involved was able to recognize these benefits, and the value that this new company will bring to electricity consumers.”
We’re being promised a $40 reduction. More specifically, the new company has “forecast a downward pressure on electricity rates of $40 per year for an average customer”. Will this be the next in a long line of failed hydro projects undertaken by the provincial Liberals?
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