Hydro One Sale Hits North Hastings

FOR IMMEDIATE RELEASE

November 9, 2015

 

(L’AMABLE) – Hydro One’s been on the market for three days, but any benefit that might happen in the sale clearly hasn’t made it to North Hastings yet. In the Bancroft area, the sale of Hydro One was marked by a power outage that affected more than 8,000 customers. The power outage is likely just an early indicator of what is to come for ratepayers in Hydro One’s low density areas according to Prince Edward-Hastings MPP Todd Smith.

 

“The prospectus for the Hydro One sale tells us that the company finds ratepayers in low density areas to be the most expensive to service.” Smith stated. “When Hydro One was public, the government could ensure that the same service was provided to all ratepayers. Now, the company’s only going to provide enough service to protect the profits of a few Liberal-connected pension funds.”

 

The anticipated impact of higher electricity rates resulting from the sale will make an already tough situation worse for many North Hastings small business owners.

 

“Our hydro bill at the shop is $3500 more through the first nine months of his year than last year, that’s crazy!” Said Duane Wingett, owner of Red Steer Butcher Shop on Highway 62. “Because of the increased cost of electricity we can’t hire anyone, we have to work seven days a week; we’ve unplugged a large cooler and have to charge more for our products and cutting services.”

 

Electricity rates have increased more than 100 percent since the Liberals took power in 2003 with over 70 percent of that increase having occurred in the last five years.

 

“Now the Ontario Electricity Board has to help Hydro One guarantee that 7 percent profit ever year for its stock price.” Smith concluded. “That’s going to end up buried in the bottom line of hydro bills across Ontario making it harder for small business people like Duane.”

 

For Information Contact: Ashley Harnden | 613 962 1144 | todd.smithco@pc.ola.org

 

 

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