ENERGY BOARD ORDERS HYDRO ONE TO REDUCE PROPOSED RATE INCREASE

Hydro One has been ordered to substantially lower a rate increase the utility had been seeking for next year – raising its transmission rates by 4.8 per cent in 2018.

But The Ontario Energy Board ordered Hydro One this week to cut   the proposed rate increase – to just 0.2 per cent for 2018.

The Opposition Progressive Conservatives slammed the proposed increase – but Energy Minister Glenn Thibeault said all rate increases will be held to the rate of inflation for the next four years – as set out in the Liberal plan to cut electricity bills.

The OEB also rejected a Hydro One proposal to give shareholders all of the tax savings generated by the IPO in 2015 – when the Liberal government first began partially privatizing the utility.

Instead, shareholders will get 62 per cent of the savings – while ratepayers receive the remaining 38 per cent.

Michael Kramer

About Michael Kramer

Michael is the afternoon news anchor on the New Classical 96.3FM and hosts the program Zero to 1800.