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.