Mention hydro rates to a small business operator or any homeowner for that matter, and their bottom lip begins to quiver, their blood pressure spikes and rage erupts like a volcanic outburst.
But, for those long-suffering hydro users, you need to know that your new best friend is the Ontario Energy Board, which just slapped down Hydro One’s latest request for increased rates.
Hydro One, which is apparently oblivious to the firestorm of controversy about hydro rates, requested yet another rate increase to cover what they called “administrative costs,” which is a sly way of saying they wanted more money to give increases to their already overpaid executives.
But the Ontario Energy Board, which reviews such requests, rejected Hydro One’s request; in fact, they told Hydro One to cut their administrative budget by $30 million.
Way to go Energy Board, but wait, it gets better.
They also rejected Hydro One’s plan to give all the tax savings from the 2015 public offering of hydro shares to the shareholders.
Instead, they have ordered that 29 per cent of that windfall should go to ratepayers like you and me, in the form of lower rates.
I can’t believe the audacity of Hydro One for asking for the increase, but it’s reassuring that the Ontario Energy Board is there to smack down those out of touch and insensitive hydro elites.
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