TORONTO — Ontarians are in for a hydro shock.
An internal cabinet document leaked to the Progressive Conservatives shows that electricity rates in the province will remain stable in the lead up to the 2018 election, and then spike in 2022.
The document, which breaks down the Liberal government’s recently announced plan to slash hydro rates by 25%, shows that prices will begin to rise for the average homeowner following this year. The government plans to limit rate increases to 2% a year, but then prices will jump in 2022 when the cap expires.
The Tories say the document was presented to cabinet in March and that they obtained it from a “whistleblower.”
It says that between 2022 and 2027, Ontario residents will be zapped by a 6.5% jump annually, each year. That will be followed by a whopping 10.5% increase in 2028.
When all those hikes are applied, the average monthly hydro bill in Toronto will leap from $142 to $215.