Ontarians who think there’s a light at the end of the tunnel when it comes to high hydro rates might be surprised to find out how much it costs to keep that bulb running. Though the Liberal’s 25-per-cent hydro rate cut has provided some reprieve to hefty bills this summer, newly leaked cabinet documents suggest we’ll be paying for it down the road.
Briefing materials obtained by the Progressive Conservatives reveal that, starting in 2022, hydro rates are expected to start increasing 6.5 per cent annually. The increases will top out at 10.5 per cent in 2028, when the average monthly bill is projected to reach $215.
“The price of electricity is going to skyrocket after the next election,” Conservative MPP Todd Smith told the Toronto Star. “The government isn’t being honest with the people of Ontario when it comes to the price of electricity.”
The leaked papers were allegedly stamped “confidential cabinet document” and were obtained from a whistleblower following a presentation by Energy Minister Glenn Thibeault to cabinet ministers on the rate-cut plan in early March.