From 2022-2027, rates will increase by over 6.5% every year.
Ever since Kathleen Wynne announced plans to cut Hydro rates by 25%, the Ontario Liberals have been facing criticism for making a promise designed only for one election cycle – which would lead to higher rates in the future.
Now, there is clear evidence showing that is exactly what will happen.
According to the Star, the opposition Progressive Conservatives have uncovered a leaked document from the Ontario cabinet that shows Hydro rates will increase massively in the years to come.
The document says rates will increase by 6.5% every year between 2022 and 2027, and will increase by 10.5% in 2028. Rates are expected to fall slightly the year after, and then decline a total of 9.3% by 2048 – though making forecasts that far out is basically pointless.
All about politics
The Ontario Liberals have taken a province that once had among the lowest energy rates in North America, and turned it into one of the most expensive energy markets on the continent.
Money has been taken out of the pockets of Ontario taxpayers, driving up the cost of living dramatically. This is an inevitable result of a big-government, regulation-heavy approach to energy.
The Ontario Liberals wanted to virtue-signal how “progressive” they were on the environment, which let the elites feel good about themselves while everyone else suffered.
That’s why the Hydro rate cut by the Wynne government is nothing but a political move. As we can see from the leaked report, the costs will still be paid sooner or later.