Skyrocketing electricity rates may force one in five Ontario
Soaring electricity rates in Ontario are threatening industries and businesses across the province, with one in 20 reporting they expect to shut down in the next five years, according to a major study by the Ontario Chamber of Commerce (OCC).
Businesses can’t grow, make improvements or investments or even hire new workers because of the increasing rates, which are among the highest in the country and expected to continue to rise over the next 20 years, says the report, Empowering Ontario: Constraining Costs & Staying Competitive in the Electricity Sector, released Wednesday.
It paints a grim picture of a convoluted, complicated electricity pricing system, and warns that to keep business in the province or attract new businesses, government and energy authorities must act now.
https://www.theglobeandmail.com/news/national/skyrocketing-electricity-rates-wreaking-havoc-with-ontario-businesses/article25348882/