New Democrats will vote against the Liberal government’s “borrowing bill” that set the stage for Premier Kathleen Wynne’s promised 25 per cent hydro rate cut.
NDP Leader Andrea Horwath signalled the move Monday over concerns that Ontarians will see lower rates only for a few years then see them climb sharply again according to leaked cabinet documents revealed last week.
“People know, one way or another, they would pay the price,” Horwath told reporters after holding a meeting with her MPPs on the issue.
She described the Liberal plan as “relief for a couple of years, then, boom!”
Energy Minister Glenn Thibeault unveiled legislation last Thursday to enable the and set up “special purpose (financial) vehicle” to handle the borrowing of billions of dollars to fund the cuts, which will result in ratepayers paying interest of $25 billion for 30 years to lower rates starting this summer.