The federal carbon tax will ultimately max out at $170 per tonne in 2030.
It will cost up to an estimated $37.7 billion annually for Canada to move from coal to renewables.
Europe’s energy crunch should serve as a cautionary tale for governments across North America with regard to the challenges of abruptly changing our energy mix by subsidizing renewable energy.
Ontario has the fastest-growing electricity costs in Canada and among the highest rates in North America.
Coal-fired generators have raised their prices by 1.9 cents per kilowatt hour.
Skyrocketing electricity costs led to 75,000 job losses in Ontario’s manufacturing sector from 2008 to 2015.
Between 2010 and 2016, electricity costs paid by large industrial consumers rose 53 per cent in Ottawa and 46 per cent in Toronto.