Higher energy costs have helped drive Ontario’s anemic economic performance.
Consumers will pay $9.2 billion more for renewables under the current plan than Ontario’s previous program.
Ontario electricity prices are rising much faster than inflation and worse than the national electricity costs trend.
Thirty-eight per cent of Ontario business owners expect to see their bottom lines shrink due to rising electricity prices.
What makes Ontario’s costly experiment in renewable electricity generation particularly disappointing is that these high costs have been largely a waste because they have not resulted in the environmental benefits hoped for by their architects.
Generation costs in Ontario have increased by 74 per cent in the last decade, and may grow to $13.8 billion by 2022.
Ontario embarked on its Green Energy Act, which subsidizes renewable electricity, and power costs have risen by an estimated 30 per cent.
The Ontario Chamber of Commerce this week released the findings of an unprecedented consultation with its members and the results are painfully clear: soaring electricity prices are killing business in Ontario.