Ontario gov’t ignored chance to cut $1.5B in hydro bills: documents

CTV News
Newly unearthed documents suggest Ontario’s Liberal government could have saved hydro customers $1.5 billion by terminating an agreement with Samsung, but decided against it.

The papers, uncovered by Progressive Conservative Finance Critic Vic Fedeli, relate to the 2009 Samsung green energy agreement that would take $10.5 billion from Ontario hydro bills, and pay it to a Samsung consortium over 20 years. In return, Samsung would deliver green energy and build factories in the province, employing 900 people.

Four years into the deal, however, a confidential document from staff at the Ministry of Energy advised the government it could save hydro customers $5.2 billion by terminating the agreement. This was because the Korean consortium was missing contract targets and deadlines on electricity projects that Ontario didn’t even need anymore.

But instead of calling off the deal, the Liberals renegotiated the contract to save only $3.7 billion –leaving $1.5 billion in hydro savings on the table.

“Even though we don’t need the power, and even though we can get out of this for nothing, (the Liberals) already told the public how important this deal is,” Fedeli told CTV Toronto, suggesting that the government ignored the potential savings “just to save face.” Read article

7 thoughts on “Ontario gov’t ignored chance to cut $1.5B in hydro bills: documents

    • These are 20 years contracts which tie up developer’s capital/money for too long a time.

      Develop, sell and use the money/capital for other purposes.

      Pension funds and Insurance companies have large amounts of money available for investments.

      This information may be available elsewhere online that is not pay-walled.

      • An interesting detail about pension fund investment in wind projects is that the Alberta Teachers’ Pension Fund is benefitting from the harm that turbines are causing in Ontario. Do those teachers know about this? If they did know, how would they feel about it? Would they turn a ‘blind eye’? Would they choose to think that the people reporting harm are insignificant? Would they take action and insist that the MOECC and the Ministries of Health, both provincial and federal, step in and enforce the radiation emitting devices act?

  1. Notice: Wind Concerns Ontario Inc. does NOT call for wind turbines to be shut down, while describing the regulatory process is a sham, persons including CHILDREN are being harmed by the operation of IWTs, the bird slaughter and other environmental damage caused, the outrageous cost to consumers and taxpayers, all of which is for ‘worse than zero’ environmental benefits.

    ‘[excerpt] Wind Concerns Ontario recommends that no more approvals or Notices To Proceed be granted for wind power projects, and that the government develop and enforce new, tougher noise standards.’

  2. And how Erika proved she is not competent, her consequential reckless behaviours, & The Global Wind Energy Racket . . .

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