TORONTO – Subsidizing hydro rates for industrial and large commercial businesses will cost Ontario taxpayers an estimated $15.2 billion by 2040, the province’s fiscal watchdog said Thursday.
Financial Accountability Officer Peter Weltman said that is a result of a provincial program announced last fall that would see hydro rates for about 1,400 large business customers cut by 14 per cent.
“The costs are being moved from the ratepayers … over to the taxpayers,” he said. “That is what’s happening.”
