The provincial Progressive Conservative government says reforming the electricity system will reduce costs, and lower electricity rates for medium to large employers.
Energy Minister Greg Rickford has introduced the Progressive Conservatives' so-called Fixing the Hydro Mess Act, 2019, along with regulatory initiatives.
Rickford said refocusing and uploading electricity conservation programs to the Independent Electricity System Operator will save $442 million.
He added that overhauling the Ontario Energy Board will make the regulatory system more efficient and accountable while continuing to protect consumers.
The bill would hold residential electricity bill increases to the rate of inflation.
Rickford said they will wind down the Fair Hydro Plan to save billions of dollars in borrowing costs, and introduce a new, transparent, on-bill rebate on consumer bills to replace it.
"Our government is building an electricity system that works for the people, and that starts by cleaning up the mess we inherited," said Rickford. "We are taking a comprehensive, pragmatic approach to building the modern, efficient, and transparent electricity system that the people of Ontario deserve."
By uploading the delivery of conservation programs to the IESO, the province is ensuring a consistent approach to conservation across the province and avoiding unnecessary duplication in administration costs. Because of this change, local distribution companies will no longer receive up to $150 million in bonus payments for achieving targets, payments that did nothing to help low-income families or seniors lower their monthly electricity bills.
"We're continuing to find hundreds of millions of dollars in savings," said Rickford. "These savings will help lower rates for large employers, allowing them to invest in their company to create more good jobs, and reduce the debt left to Ontario families by 15 years of ideological decisions."
