Ontario Government’s Centrally Planned Electricity Debacle

“One of the most devastating audit reports on government bungling and malpractice in Canadian history,” says Terrence Corcoran.

The AG reports that consumers have transferred billions of dollars to companies supplying green renewables on the basis of contracts awarded at grossly inflated prices. Because of the lack of competitive pricing for new power sources, nominally to replace coal generation, Lysyk estimates the extra burden on ratepayers at $9.2 billion — to pay for contracts at double to triple the going market price.

Over the next 17 years, she says consumers are expected to shell out about $133 billion in adjustments to cover the cost of the Liberals’ massive and scandalous restructuring of the electricity supply industry. Many of the dollars will go to pay companies to not produce electricity.

Read more.

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