“Starting in 2021, electricity bills are projected to increase by an average of 6.8% annually until the end of 2027,” the FAO report says. “After 2027, electricity bills are projected to increase by an average of 4% higher under the FHP than the status quo, even with the continuation of the HST rebate.”
Hydro rate cut will cost Ontario at least $45 billion
Premier Kathleen Wynne's plan to cut hydro bills by 25% comes with an electrifying price tag for the government - anywhere between $63 billion to $93 billion if financed with borrowed money, a review by the province's Financial Accountability Office concludes.
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