By Lawrence Solomon Financial Post
With Ontario power utilities asking for rate hikes approaching 20% — this on top of outsized rate hikes in previous years – the press and the public has been asking for the cause of the rate hikes. One indication comes from the UK, where the government regulator today announced that UK households should expect $1240 a year price hikes, raising their annual bills above the $3200 a year mark.
The reason for the UK’s dramatic hikes? The UK’s so-called green energy program, which like Ontario’s is embarking on a building binge of wind farms and other unneeded generating stations, topped off by a not-so-smart grid to bring this unneeded power to market.
Ontario is on the same path. Getting off the path and reversing the upward spiral would be easy to do: Simply tear up the Ontario Green Energy Act and begin a return to normalcy. The announcement by Ofgem, the UK electricity regulator, can be found here.