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One in 20 businesses in Ontario expect to close in the next five years due to rising electricity prices

Companies want homeowners to bear more of the cost of skyrocketing hydro rates

Robert Benzie — Toronto Star — July 8, 2015

Soaring electricity prices are short-circuiting businesses in the province, the Ontario Chamber of Commerce warns.

In a new 23-page report to be released Wednesday, the 60,000-member business lobby argues Queen’s Park must act — including forcing homeowners to shoulder more of the burden with higher hydro bills.
“Rising electricity costs will continue to have an impact on employment and economic growth in the province,” says the study entitled Empowering Ontario: Constraining Costs and Staying Competitive in the Electricity Market.

“OCC survey results show that one in 20 businesses in the province expect to close their doors in the next five years due to rising electricity prices,” said the report, which comes as Premier Kathleen Wynne is readying the sell off of 60 per cent of Hydro One, the public transmission utility.

“In addition, 38 per cent will see their bottom line shrink, with the cost of electricity delaying or cancelling investment in the years to come.”

This is a marked contrast to how affordable hydro powered the province’s economy over the last century or so.  Continue reading here….

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One Comment on “One in 20 businesses in Ontario expect to close in the next five years due to rising electricity prices”

  1. andreasmarciniak July 8, 2015 at 9:36 am #

    Reblogged this on ajmarciniak.

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