Premier Kathleen Wynne Announces 25% Cut to Hydro Rates
Premier Kathleen Wynne will slash electricity rates by 25 per cent this year, the Star has learned.
In a dramatic move to be finalized at cabinet Wednesday, Wynne’s government is poised to unveil sweeping measures to rein in the soaring hydro bills that currently have the Liberals’ popularity plummeting.
Sources say the massive reduction in rates will come mostly by “smoothing out” the financing costs of electricity generation contracts over longer periods.
It’s the equivalent of refinancing a mortgage to enjoy lower payments over a longer time on nuclear reactors, natural gas-fired power plants, and wind turbines.
Wynne’s office refused to confirm details of the 25 per cent solution Tuesday night.