FAO report warns that Wynne hydro plan will cause bills to soar: NDP

Queen’s Park – A new report from the Financial Accountability Office of Ontario (FAO) confirms that Premier Kathleen Wynne’s Hydro borrowing scheme will cause Hydro bills to soar. Ontario NDP Energy Critic Peter Tabuns said the report shows that Wynne’s plan is even costlier than feared, and is about saving Liberal seats at the expense of everyone who pays a hydro bill.

“We thank the Financial Accountability Officer, Stephen LeClair, for his work and urge Kathleen Wynne to see it as a big red flag,” said NDP Energy critic MPP Peter Tabuns. “The cost to everyday families and businesses across Ontario with this plan is far too high.”

The FAO released results of its investigation into the Liberal government’s Fair Hydro PlanWednesday. The report shows that after four years of hydro bills rising with inflation, they’ll jump by 6.8 per cent every year. Ontarians will be on the hook billions of dollars over 30 years.

“The NDP put forward a comprehensive hydro plan that doesn’t rely on borrowing, and lowers bills for Ontarians by up to 30 per cent. We will put Hydro One back into public hands and fix our electricity system broken by private power deals signed by this Liberal government and the Conservatives before them,” said Tabuns. “Our hydro plan will bring immediate and sustained relief for people instead of long-term pain and payments.”

The cost of Wynne’s plan, according to the FAO, is $45 billion. If interest rates go up or the province has a deficit budget during the next 30 years, that number could balloon as high as $93 billion.