Ontario Energy Board rules against hydro hike for next year
Posted January 6, 2012 7:01 am.
This article is more than 5 years old.
TORONTO, Ont. – The Ontario Energy Board has denied Toronto Hydro’s bid to raise rates next year.
The OEB handed down their decision Thursday afternoon, which stops Toronto Hydro from boosting monthly rates by an average of $5 per household.
The utility company had said that it needed the money to update key infrastructure and bring it up modern standards.
Plan called for a massive $1.5 billion grid upgrade over the next three years.
Hydro has argued that an inflation-based rate increase would not provide them the money they need.
The OEB released a statement Thursday saying it saw little evidence hydro’s state of repair is as bad as they claimed it to be.
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