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Brampton Electricity Prices Could go Way up Despite Cuts

Brampton Electricity Prices Could go Way up Despite Cuts

The promised relief from soaring hydro rates may only be temporary.

The Wynne government just introduced new legislation that will cut hydro rates by 25%, which it does by taking off a portion of the global adjustment on hydro bills. Increases would be capped at 2% until 2021.

But the Toronto Star reports that after 2021, hydro rates could skyrocket.

A document, leaked to the Progressive Conservatives (PCs), reveals that average monthly bills will rise by 6.5% a year from 2022 to 2027 and are forecasted to jump a whopping 10.5% the year after.

Average monthly bills will rise to $215 by 2028, which is up from $158 in 2016 and from $123 this year after the promised cuts.

Rates are expected to even out by 2028. The long-term numbers outlined in the report are subject to change based on a number of factors, including market demand.

The Wynne government responded to the leaked document, claiming it is outdated information, and a ploy from the PCs to distract from the fact that they don’t have a plan to quell rising hydro rates in the province.