The Progressive Conservative government is introducing legislation that will put an end to the previous Liberal administration’s hydro plan while maintaining a 25 per cent rate cut.
Energy Minister Greg Rickford says the move will cut interest costs, though he did not say by what amount.
He also says it will not lead to an increase in hydro rates for consumers beyond the rate of inflation. The measure that takes effect May 1 is meant as a stop gap as the government develops a more stable pricing model expected to be introduced this fall.
The government has previously said the Liberal plan drove up Ontario’s deficit by $1.8 billion in 2017-2018.
The Tories are also planning to upload electricity conservation programs to the Independent Electricity System Operator, a Crown corporation that manages Ontario’s electricity system.
It says that move will result in savings of up to $442 million.
Some of the programs coming to an end are:
Business Refrigeration Incentive: provides businesses incentives for the direct installation of product refrigeration equipment upgrades
Audit Funding Program: provides funding for a portion of the cost of a facility energy audit
High Performance New Construction: provides design assistance and incentives for building owners and planners who design and implement energy efficient equipment within their new space
Existing Building Commissioning: provides incentives for improving the efficiency of the chilled water system, including, audit, purchase and installation of equipment
Monitoring and Targeting: provides incentives to purchase and install a monitoring and targeting system operational Incentives
Instant Discounts: provides point of purchase incentives at participating retailers for qualifying energy efficient products, including LED light bulbs, light fixtures and power bars
Heating and Cooling Incentive: provides rebates for purchasing and installing new qualifying energy-efficient heating and cooling equipment (central air conditioners and furnaces), including smart thermostats and air sourced heat pump/system
Residential New Construction: provides incentives to improve energy performance and install energy efficient products in new builds.
with files from Siobhan Morris/NEWSTALK 1010