Ontario to spend extra $1.6B stabilizing hydro rates, minister says

Ontario will spend $1.6 billion more this fiscal year to stabilize increasing hydro rates for customers across the province.

Finance Minister Rod Phillips says the government will exceed the $4 billion it has previously budgeted to keep prices stable — bringing the total spend to $5.6 billion.

He made the announcement Thursday as Premier Doug Ford’s government provided a quarterly update on its finances.

The provincial government said last March it would continue to subsidize hydro rates and hold any increases to the rate of inflation.

CBC