#FixingtheHydroMessAct; #GregRickford; #IndependentElectricitySystemOperator; #IESO; #OntarioEnergyBoard
Toronto, May 9 (Canadian-Media): In its attempts to reform the electricity system to reduce costs and drive efficiencies, Ontario Government today passed the Fixing the Hydro Mess Act, 2019, media reports said.
Greg Rickford, Minister of Energy, Northern Development and Mines said every effort is being made to keep the promises made to clean up the inherited hydro mess that and added, "Our government's plan protects what matters most by reducing costs, driving efficiencies, and lowering electricity rates for medium and large employers."
Greg Rickford. Image credit: Facebook page
Once fully implemented, the legislation and related regulatory initiatives would: find savings of up to $442 million through refocusing and uploading certain electricity conservation programs to the Independent Electricity System Operator (IESO); modernize the Ontario Energy Board to make the regulatory system more efficient and accountable, while continuing to protect consumers; hold average residential electricity bill increases to the rate of inflation; take advantage of lower government borrowing costs; introducing a new transparent on-bill rebate to show the true costs of power on consumer electricity bills.
"These changes will help create a modern, transparent, and accountable electricity system that works for the people of Ontario," said Rickford. "We continue to find hundreds of millions in savings that help to keep rates low for large companies which allows them to invest in themselves, so they can create more good jobs, and reduce Ontario's debt. We are also keeping residential hydro bills stable as we continue to work to lower electricity rates by 12 percent."