Yesterday, the Ontario government unveiled whopping new subsidies for large electricity consumers. Taxpayers will now be shelling out $6.2 billion a year to lower electricity rates for businesses and consumers. This subsidy is more than double what the previous government introduced, which Doug Ford said at the time was “the wrong thing to do.”
The Ford government’s new $6.2 billion subsidy will be responsible for 16% of Ontario’s $38.5 billion provincial deficit in 2020-21. Despite these massive subsidies for electricity consumption, residential electricity rates rose by 2% at the beginning of this month to help pay for the re-building OPG’s and Bruce Power’s aging nuclear reactors.
And get ready for more increases: According to OPG, its price for nuclear energy must rise by 74% by 2025 to pay for the Darlington Re-Build; Bruce Power’s price of nuclear energy could rise by an additional 57% to pay for the re-building of six of its reactors.
If Doug Ford wants to keep his promise to lower our electricity bills by 12% he must invest in energy efficiency and make a deal with Quebec for low-cost water power. Adding more taxpayer subsidies is just a way of disguising the real problem of soaring nuclear costs.
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– Angela Bischoff, Campaigns Director