The Tory’s finance critic says it might sound bizarre, but your hydro bill will be even more expensive despite the Liberal plan to rebate the provincial portion of the HST back to us. P.C. finance critic Vic Fedeli says the Liberals’ hydro rebate works out to about $1 billion a year. But Fedeli says the rebate will leave the Liberals a billion dollars short for program spending.
Fedeli says there’s only one way for them to make up the difference and it triggers a double whammy for taxpayers. He says first, they need to borrow $1 billion and that borrowing results in interest payments of $30 to $35-million a year. He says since the borrowed money, plus interest, has to be paid back, the funds are indirectly tacked onto your hydro bill. Fedeli says consumers are not further ahead, but rather, they’re more behind the eight ball.
Fedeli says the Liberals don’t address the real problem on how to lower our hydro bills. He says stop creating power we don’t need because it forces our bills up and we keep selling the surplus to the U.S. and Quebec at a loss.
(Written by: Rocco Frangione)