Energy Minister Glenn Thibeault says hydro rates will be dropping by 25 per cent this weekend, and some people in remote and rural regions could see reductions of as much as 50 per cent. Thibeault says relief through the Fair Hydro Plan will be immediate. He says they also designed these reductions to last, by holding electricity rates to inflation for four years. In addition, Thibeault says the government is updating its Long-term Energy Plan, which he says will continue to take costs out of the electricity system and make it more affordable for ratepayers.
Nipissing MPP Vic Fedeli says people need relief from hydro, but adds it’s the Liberals who drove prices up in the first place. Fedeli says their approach to save $24-billion could drive the hydro debt up as high as $93-billion in the long run. He says the province’s hydro reduction plan is like having someone give you a dollar, and when you give them 25 cents back you tell them you’re even now. Fedeli says this plan will negatively impact future generations because they will have to shoulder the debt. Hydro rates in Ontario will drop this Saturday, July 1st.
