ONTARIO, Canada – Ontario Hydro prices are increasing 2.5 times faster than the rate of household income according to the Fraser Institute.
“Electricity prices in Ontario have increased dramatically since 2008 based on a variety of comparative measures,” the report reads. “Ontario’s electricity prices have risen by 71 percent from 2008 to 2016, far outpacing electricity price growth in other provinces, income, and inflation. During this period, the average growth in electricity prices across Canada was 34 percent.”
Jim McDonell, Conservative MPP for Stormont, Dundas and South Glengarry, said that if his party were elected to form the next government, they would try and curtail these rapidly rising costs.
“We would base our energy policy on an economic policy,” he said. “We would cancel any clean energy contracts that haven’t yet been issued and try to buyout any that we could. We would try to undo the Green Energy Act as much as we could.”
He went onto explain how he felt that the Liberal Party needed to wake up.
“Up until they lost the by-election in Scarborough they would ignore these problems and just keep going,” he said.
The Fraser Institute’s report explains that electricity costs in the province are rising faster than household income, inflation and GDP growth.
“From 2008 to 2015, electricity prices also increased two-and-a-half times faster than household disposable income in Ontario,” the report claims. “In particular, the growth in electricity prices was almost four times greater than inflation and over four-and-a-half times the growth of Ontario’s economy (real GDP).”
