I am pleased to share the details of Ontario’s Fair Hydro Plan. With this new plan, significant, lasting relief is coming. Ontario is cutting electricity bills to deliver lasting relief to households across the province.
Beginning this summer, Ontario’s Fair Hydro Plan will provide households with on average a 25% reduction to their hydro bills. This reduction includes the 8% rebate that was implemented in January of this year. Taken together, these changes will deliver the single-largest reduction to electricity bills in Ontario’s history. Low income households will receive even greater assistance with their electricity bills. Also, as part of this plan, rate increases over the next four years will be held to the rate of inflation.
Hydro is a necessary part of our everyday lives. However, for far too long, governments of all parties have made mistakes in the way we’ve structured Ontario’s electricity system.
Electricity rates have risen for a number of reasons including:
While these changes make our electrical system clean and reliable, the way that we chose to pay for these measures was not fair. We asked one generation to unfairly shoulder the burden of the improvements that will be used over a longer period of time. So we are refinancing these investments, in keeping with their lifespan, to make payments fairer for Ontarians.
Reducing electricity costs is part of Ontario’s plan to create jobs, grow our economy and help people in their everyday lives.
How electricity prices are set
Learn how Ontario is developing the next Long-Term Energy Plan
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There’s a lot happening in Ontario this year