Hydro One Fire Sale Will Have Ontarians Paying for Lost RevenuePublished on November 03, 2015
QUEEN’S PARK – Today, Leader of the Official Opposition Patrick Brown called on Finance Minister Sousa to tell Ontarians which taxes he will raise to replace the revenue lost through the fire sale of Hydro One.
Hydro One generates over $700 million annually in revenue for the province.
“The Hydro One fire sale is a one-time pay out with long-term negative consequences,” stated Leader Patrick Brown. “This government’s past record of fiscal mismanagement tells us that without that revenue from Hydro One, Ontario will continue down the path of financial crisis.”
“There are only two ways to replace the lost $700 million in revenue,” added Leader Patrick Brown. “It’s either new taxes, or cuts to essential services. Everyone in Ontario will pay for this fire sale.”
Brown also highlighted the concerns of Ontarians related to their rising electricity bills. In addition to another unaffordable hydro increase faced by Hydro One customers on November 1st, a recent poll by the Ontario Energy Association reveals that almost 80 per cent of Ontario residents believe the fire sale will increase their hydro bills.
“When you combine rising hydro bills with the inevitable tax increases that this government will impose to make up for the revenue lost on the sale of Hydro One, the people of Ontario will suffer a double hit,” Leader Patrick Brown continued.
Brown concluded, “Does the Minister really believe that the people of Ontario deserved to be punished twice because of this government’s incompetence and mismanagement?”