Ontario to spend $1.6B more to stabilize hydro rates: Phillips
By CP StaffGeneral Energy Manufacturing electricity energy hydro manufacturing Ontario Phillips
The provincial government said last March it would continue to subsidize hydro rates and hold any increases to the rate of inflation
TORONTO — Ontario will spend $1.6 billion more this fiscal year to stabilize increasing hydro rates for customers across the province.
Finance Minister Rod Phillips says the government will exceed the $4 billion it has previously budgeted to keep prices stable — bringing the total spend to $5.6 billion.
He made the announcement Jan. 30 as Premier Doug Ford’s government provided a quarterly update on its finances.
The provincial government said last March it would continue to subsidize hydro rates and hold any increases to the rate of inflation.
Last fall, rates increased by about 1.8%, or $1.99 for a typical residential customer who uses 700 kilowatt hours per month.
Phillips says the government will pay for the increased subsidies with new revenues thanks to strong job growth and home sales.