Reducing Raised Rates or Raising Reduced Rates?

- jim Young 20200601

“‘Business!’ cried the Ghost, wringing its hands again. ‘Mankind was my business; charity, mercy, forbearance, and benevolence, were, all, my business.’” - Jacob Marley in the Charles Dickens classic “A Christmas Carol”

Hydro One is quick to boast of suspending time-of-use electricity prices on March 24th, but they
often try to gloss over that this reduction of rates was in fact mandated by Premier Doug Ford and not instigated by Hydro One.

When Hydro One announced this program was slated to end a short time later, Premier Doug Ford decided “no it isn’t either” and mandated a further extension.

Now Hydro One is offering assistance with one hand and taking it back with the other.

The “time-of-use” electricity pricing schedule is to be temporarily replaced with the “COVID-19 Recovery Rate” until October 31st, at a fixed rate of 12.8 cents per kWh versus the previous rate of 10.1 cents per kWh.

While companies across our country are struggling just to survive (some unsuccessfully), Hydro One continues to squeeze every last penny they can out of their monopoly from their customer base that has no place else to go.

With a past history of paying its CEOs up to 10 times more than the Hydro CEOs of other provinces it’s difficult to believe that Hydro One is doing anything to tighten their belt as has been expected of every other private business during this pandemic.

Hydro One reported 2020 1st quarter profits of $225 MILLION. That was up from last year’s $171 million.

It will be interesting to see what their 2nd quarter profits will show, but we can see that Hydro One already has $225 MILLION at their disposal to assist hydro consumers and still break even.

“Breaking even” is something that many businesses can only dream of at this time.

At a time when Hydro One should be extending their hand in assistance they are instead reaching into the pockets of the public. This puts them in the same category as those that would hoard toilet paper and hand sanitizers to resell at a profit.

Hydro One is the epitome of corporate greed.

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