Wynne confirms report, hydro rates going down another 17 percent
As expected, the premier announcing a 17 percent cut in electricity bills starting this summer.
The across-the-board relief, which comes in addition to an eight-per-cent rebate that took effect Jan. 1, is being achieved by refinancing already long-term power generation contracts over even longer terms.
The move carries a price tag of up to $1.4 billion a year in extra interest costs.
Those extra costs will ultimately come due for ratepayers in the future.
Premier Kathleen Wynne admitting while it will cost more over time, she insists it is fairer because current ratepayers don't have to shoulder the entire burden of huge system costs.
Several other measures were announced today to give low-income, rural and northern residents additional savings, which will cost the government $2.5 billion over three years.
The delivery charge for on-reserve First Nations residential customers is also being removed.
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