February 6, 2018
Today, Glenn Thibeault, Minister of Energy, issued the following statement regarding
Ontario’s Fair Hydro Plan:
“Ontario’s Fair Hydro Plan is the single-largest electricity rate reduction in our province’s
history. By spreading out the costs of building our green electricity system, we have lowered
electricity bills by an average of 25 per cent for all residential consumers, and will hold any
increases to the rate of inflation for four years. As many as half a million small businesses and
farms are also benefitting from the rate reduction. Lower-income Ontarians and those living in
eligible rural and Northern communities are receiving even greater reductions, as much as 40
to 50 per cent.
We have invested approximately $70 billion to transform our electricity system, which had
fallen into disrepair due to underinvestment by governments of all political stripes. We now
have a clean, green, reliable system that meets the needs of Ontario families and businesses
every minute of every day. While those investments were necessary, they came at a cost,
which was being disproportionately placed on current electricity customers. By spreading out
these costs over a longer period of time, they will be shared more evenly with future
generations who will benefit from the investments. It is a fairer way to pay for our electricity
Today’s announcement by Ontario Power Generation (OPG) regarding the successful
issuance of secured debt in relation to Ontario’s Fair Hydro Plan is a positive sign that our
plan is working.
I would like to thank OPG for providing the expertise and support necessary to implement
Ontario’s Fair Hydro Plan.”
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