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Ontario’s Power Trip: Province lost $1.2-billion this year exporting power

Parker Gallant | 02/12/13 | Last Updated: 03/12/13 8:00 AM ET
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As a starting point, Ontario Energy Minister Bob Chiarelli needs a bolt of financial literacy if he believes not spending an extra $20-billion actually saves the system anything.

THE CANADIAN PRESS/Matthew Sherwood
As a starting point, Ontario Energy Minister Bob Chiarelli needs a bolt of financial literacy if he believes not spending an extra $20-billion actually saves the system anything.

That’s a cost $250 for every average ratepayer

Ontario Energy Minister Bob Chiarelli keeps spinning on his province’s energy mess. “Looking to the future,” he told a local newspaper, “we expect that [electricity] rates will continue to increase but we’ve taken very significant steps to mitigate those rate increases.” To support his claim, Mr. Chiarelli says that the province has deferred an investment in new nuclear power, renegotiated a Samsung power deal and brought in new controls on wind power that combined will save the system $20-billion.
As a starting point, this minister needs a bolt of financial literacy if he believes not spending an extra $20-billion actually saves the system anything.
The fact is that Ontario consumers and industry will not see any relief in their power bills. Nothing brings that point home more than an examination of how much electricity Ontario exports, mostly to the United States, and what those exports cost ratepayers.

Read the full story here.

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