Hydro Prices

Town Hall Live - Protect People, Not the Nuclear Industry Web

We need a real plan in Ontario to reduce Hydro rates. According to the Auditor General the Liberal fair Hydro borrowing scheme is going to cost us 45 billion dollars on the low side, including overpaying interest by 4 billion dollars. This is a huge number and should be of concern to all Ontarians. Doug Ford seems to want to keep the plan in place  plus spend another 350 million a year in an attempt to sway voters. The NDP propose to lower rates by purchasing Hydro One. Unfortunately, the Liberals have already spent the money from the sale of Hydro One.  According to Bay Street, the NDP purchase of Hydro One would take 20 years and cost over 6.4 billion dollars with no immediate relief in rates. The only real way to reduce rates is to reduce what’s called the global adjustment. The global adjustment represents all of the extra money the Liberals have guaranteed  power generators. According to the Auditor General, the global adjustment now represents 85% of residential hydro rates! The vast majority of that money goes to big nuclear. Why should residential customers over pay, when hydro Quebec has offered to sell power to Ontario at 5 cents per kWh – a much better deal than the 16.5 cents per kWh that Ontario Power Generation wants for nuclear power. This would save Ontario more than $12 billion over the next 20 years. The Green Party would phase out nuclear and shift the global adjustment away from  small businesses and ordinary people, instead of charging them double what industry pays. We would also offer our discounted surplus power to homes and small businesses rather than exporting it to the US for less than what it costs to produce it. Finally, we would invest in community based power production to cut down on delivery charges, decentralize the system and return ownership to local communities.