NOTL Hydro proposing alternate cost saving plan

The Niagara on the Lake Hydro Board is proposing an alternate plan to bring down hydro rates.

In a release, the board says the rebate coming this month to hydro customers will create a massive $26 million debt that will have to be repaid by users in the future.

But the board says there is another way to cut hydro rates without burdening future generations.

The board would like to see the province write off the excess cost of wind and solar contracts all at once.

It says the write-off would likely cost about $25 billion, and would be a one time charge on the province's books.

The local utility noting the move would bring down the cost of hydro generation without burdening future ratepayers.