Friday, January 28, 2011

Tories claim stranded debt payment now tax grab

by ELLWOOD SHREVE,
Chatham Daily News

Ontario Progressive Conservatives are calling for a forensic audit of the stranded debt from Ontario Hydro after learning payments by taxpayers are being extended by six years.

Simcoe-Grey MPP Jim Wilson, former energy minister under the Mike Harris PC government, spoke about this issue with members of the media Thursday at the transformer station on Maple Leaf Drive in Chatham.

He said the debt repayment for ratepayers was scheduled to be finished by 2012, but the Liberal government has quietly extended the payments to 2018, at $1 billion annually for the extra six years.

Wilson said the Tories discovered in a November report from the Ontario Electricity Financial Corporation — which he said he created to manage repaying the stranded debt — showing taxpayers have already paid $7.8 billion “so there’s no reason to continue the charge.”

He said the government is claiming there is “a whole pile of interest, which they can’t justify.”

Wilson questioned the validity of that claim, noting the government is in the lowest interest rate market seen since the Second World War.

“But we think taxpayers have been paying more than $7.8 billion, but we don’t know the bottom of that,” he said.

“We think, in sneaky way, Mr. McGuinty is trying to make this into a permanent tax grab,” Wilson added.

However, Wilson’s numbers don’t jive with figures provided by Chatham-Kent Essex MPP Pat Hoy.

An e-mail from Hoy, who is travelling across Ontario as chair of a public budget consultation process, said the debt retirement charge was slapped on Ontario energy bills in 1999 under the ruling Tory government, which failed to restructure the electricity sector.

Hoy claims the stranded debt rose by $1 billion under Tory rule from 1999-2003 to $20.5 billion from $19.5 billion.

He said the stranded debt is currently $5.7 billion lower than it was in 2003.

Hoy added, to date, $7.8 billion has been collected under the debt retirement charge with $5.7 billion used to pay down the principal.

He said the balance of $2.1 billion has gone towards a number of other costs, including interest on debt and covering the cost of a rate freeze by the Tories, which he added cost more than $1 billion as a result of that government’s failed experiment with deregulation.

Wilson said when Ontario Hydro was dismantled after going bankrupt, the total $34 billion debt was shared between newly created companies Ontario Power Generation and Hydro One.
He said $7.8 billion was left over for the public to pay, noting an identifiable charge was put on hydro bills, which goes directly to paying off the stranded debt.

Wilson said the Tories believe the government wants to generate extra revenue by keeping the debt payments going to help subsidize its green energy plan, citing the lack of details surrounding a $7-billion contract with the Samsung Corporation to provide wind energy in Ontario.

Wilson said wind energy proposals were brought to him 15 years ago when he was energy minister, but he wasn’t interested.

“I didn’t see the jobs in it,” he said, adding the plan called for paying people to put up turbines “at a price we couldn’t afford and (structures) communities didn’t want.”

Wilson said the idea was popular with people in downtown Toronto who didn’t have to put up with the turbines.

“Now they’re figuring out, ‘Oh, but we do have to pay for them.’ “

48 comments:

  1. i think that hydro one is a big rip off how can we keep paying our bills on a fixed income and still eat what is up with that
    the bill keeps going up and up ,,i was paying 5oo a month and that wasnt equal billing.i called them up and asked why the big bill,they say that they arent too worried but if the bill was higher each month than that is a concern,, hydro on way too much money ,, care what goes on in ontario and dont worry about the foreigh lands,,lower your hydro doesnt make sense to give it to them at a lower rate and see to us more money ..wake the hell up

    ReplyDelete
  2. We are very tired of bending over for our government officials and corporations like hydro one. they are all killing our country while they line their pockets.....democracy?????Ha....what a joke!

    ReplyDelete
  3. I am very frustrated about the hydro one scheme. I want to pay for the electricity I use, not for the hidden cost of the administration, CEO's lavish salaries and bonuses. Where would we go if we had to pay surcharge fees on other products in anything we buy? Enough is enough!!!

    ReplyDelete
  4. Our small business paid 439.60 this month, as debt retirement on the hydro bill, thats aside from the 2,000.00 global adjustment. Another tax grab for the provincial government. Paying out like this to Hydro(provincial government), instead of hiring people for new jobs, doesn't seem right. It's either, or, can't do both.

    ReplyDelete
  5. i say Duke energy should run it. they do a good job with union gas

    ReplyDelete
  6. If that is the case and there are no conditions that will lead the IRS to believe that the situation will change, then the likelihood of an approved offer is greater.

    ReplyDelete
  7. Hello would you mind letting me know which hosting company you're working with? I've loaded your blog in 3 different
    internet browsers and I must say this blog loads a lot faster then
    most. Can you recommend a good web hosting provider at a fair price?
    Cheers, I appreciate it!
    Feel free to visit my web site light

    ReplyDelete
  8. Goody, who died aged 27, expressed her wish to provide for her beloved sons but was seemingly unaware of the enormous tax, Best PPI Claims Service




    ReplyDelete
  9. continuously i used to read smaller articles that as well clear their motive, and
    that is also happening with this piece of writing which I am reading now.
    Feel free to visit my web page :: handyvertrag trotz negativer schufa

    ReplyDelete
  10. Great blog you have here.. It's hard to find quality writing like yours these days. I seriously appreciate individuals like you! Take care!!
    Have a look at my homepage : how can i refinance with bad credit

    ReplyDelete
  11. I'm impressed, I must say. Seldom do I encounter a blog that's both equally educative
    and interesting, and let me tell you, you've hit the nail on the head. The problem is something which not enough folks are speaking intelligently about. I am very happy that I came across this during my hunt for something relating to this.
    My web-site ; gesetzliche krankenversicherung private krankenversicherung

    ReplyDelete
  12. Attractive section of content. I just stumbled upon your website and in accession capital to assert
    that I get actually enjoyed account your blog posts.
    Anyway I will be subscribing to your augment and
    even I achievement you access consistently quickly.
    Feel free to visit my blog post ... Vergleich Krankenzusatzversicherung

    ReplyDelete
  13. These are in fact enormous ideas in about blogging. You have touched some nice factors
    here. Any way keep up wrinting.
    Feel free to surf my web page - affiliate sale

    ReplyDelete
  14. What's Taking place i'm new to this, I stumbled upon this
    I have found It positively helpful and it has aided me
    out loads. I'm hoping to give a contribution & assist different users like its helped me. Good job.
    My web site ; local search engine optimization

    ReplyDelete
  15. I love your blog.. very nice colors & theme.
    Did you create this website yourself or did you hire
    someone to do it for you? Plz answer back as I'm looking to construct my own blog and would like to find out where u got this from. many thanks
    My blog post :: seo service

    ReplyDelete
  16. It's amazing in support of me to have a website, which is beneficial for my experience. thanks admin
    My web page elektronik outlet online

    ReplyDelete
  17. Normally I do not read post on blogs, however I would like to say that this write-up very pressured me to take a look at and do so!

    Your writing taste has been amazed me. Thank you, very great article.


    my webpage :: User:IrisD - Pedagógiai Lexikon
    Stop by my homepage ... consalidation loans

    ReplyDelete
  18. Saved as a favorite, I love your web site!
    Check out my web site starting a business at home

    ReplyDelete
  19. Hi to every body, it's my first pay a quick visit of this webpage; this webpage includes awesome and actually excellent stuff in favor of readers.
    Here is my blog - private krankenkasse beitragsbemessungsgrenze

    ReplyDelete
  20. I really like it when folks come together and share views. Great
    website, stick with it!
    Also visit my webpage :: hosting solutions

    ReplyDelete
  21. I've been exploring for a little for any high-quality articles or weblog posts on this kind of area . Exploring in Yahoo I at last stumbled upon this web site. Studying this info So i am glad to convey that I have an incredibly excellent uncanny feeling I found out just what I needed. I most undoubtedly will make sure to do not omit this web site and provides it a look regularly.

    Check out my web page mom at home jobs

    ReplyDelete
  22. Hi there Dear, are you actually visiting this site on a regular basis, if
    so then you will absolutely obtain good knowledge.

    my homepage ... auslandskrankenversicherung vergleich

    ReplyDelete
  23. Excellent post. I was checking continuously this blog
    and I am impressed! Very helpful info specially the last part
    :) I care for such info a lot. I was looking for this particular info
    for a very long time. Thank you and best of luck.

    Also visit my blog post ... Profitable businesses

    ReplyDelete
  24. Its like you rеad my mind! You appeaг to κnoω
    so much about this, like you wrotе the booκ іn it or ѕоmething.

    I think that you can ԁo ωіth some picѕ
    to dгivе the messаge homе a bit,
    but instead of that, this іs fantastic blоg.

    A fantastiс read. Ι ωіll certаinly be back.



    Hегe is mу web-site ::
    quickest way to lose weight

    ReplyDelete
  25. Good post. I learn something totally new and challenging on sites
    I stumbleupon every day. It will always be useful to read content from
    other authors and practice something from their sites.



    my page Private krankenversicherung Deutschland
    my web page > Email Console

    ReplyDelete
  26. Hello, I desire to subscribe for this weblog to
    get hottest updates, therefore where can i do it please help out.


    My web-site - What You Must Know About Internet Site Hosting | Malaysia Open Source Conference 2012 Image

    ReplyDelete
  27. Even just 15 minutes a day keeps your piano playing ability
    in tune. -- Notes: Bb D F. ][.

    Review my web blog ... learning piano chords and scales

    ReplyDelete
  28. Upon returning to the starting line, the first player must pass the
    sugar cube to the next teammate in line and so on. At the end of
    the party all of the papers write down who they think was the prohibition agent.

    That is the new craze in on the internet gaming, and numerous girls and teens
    are possessing a blast.

    My blog post - Direct tv

    ReplyDelete
  29. Later on, among the continued practice ending up will continue to be
    auxiliary accustomed burning the various chords.

    Www. These hail every little thing played getting
    rid of barely the sophisticated keys, so you ought to keep effective toward crush extra listed below barely a limited area
    of time.

    Feel free to visit my web blog - piano Chords and notes
    my webpage :: tanging yaman piano chords and lyrics

    ReplyDelete
  30. We are a group of volunteers and starting a brand new scheme in our
    community. Your site provided us with valuable
    info to work on. You've performed a formidable activity and our entire group will be grateful to you.

    Look at my webpage :: Waist To Hip Ratio Calculator

    ReplyDelete
  31. What You Can Gain. Gaining information about
    your enemy is the first step in assuring success
    in defeating him or her. - Lecithin.

    my blog ... Paleo diet and Weight loss reviews

    ReplyDelete
  32. A motivating discussion is definitely worth comment. I do believe that you need to write more about this subject, it might not be a taboo matter
    but generally people do not speak about such issues. To the next!
    Many thanks!!

    My webpage bad credit Mortgage refinance loan

    ReplyDelete
  33. Great blog right here! Additionally your website so much up fast!
    What host are you using? Can I am getting your associate
    hyperlink in your host? I want my web site loaded up as fast as yours lol

    Look into my web blog; http://www.love2dating.com/index.php?do=/blog/27834/natural-male-enhancement-side-final-results/

    ReplyDelete
  34. For nеwеst news you hаve to go to see іnternеt
    and on web Ι found this web pаge as а best wеbѕite foг
    neωest uрdateѕ.

    Also visit my ωeb-sitе loan broker

    ReplyDelete
  35. I always spent my half an hour to read this webpage's posts every day along with a cup of coffee.

    Visit my web-site ... Benutzer Diskussion:OliviaH77 – Systemisches Wiki

    ReplyDelete
  36. I'm very happy to discover this website. I need to to thank you for your time for this particularly wonderful read!! I definitely really liked every little bit of it and I have you book marked to check out new stuff in your site.

    Here is my blog fast cash advance payday loan

    ReplyDelete
  37. Prettу seсtion of content. І just stumblеd upon your websitе and іn
    aсcession capitаl to assеrt
    thаt I аcquire in fact еnjoуеd acсount youг
    blog posts. Anу ωay I wіll be subscribіng tο
    уour augment and even Ι achievement
    you аccesѕ cοnsіstently quіcκly.


    Μy ωeb blog - best loan

    ReplyDelete
  38. Narrow blood vessels lie alongside the intestines of the earthworm and they absorb the nutrients from
    the alimentary canal feeding the rest of the body.
    You must definitely be planning to make it special and memorable by keeping a good theme,
    ordering the best food and choosing the best games. The buccal cavity is a small cavity that has neither jaws nor teeth.


    Here is my web-site - pub quiz area

    ReplyDelete
  39. If all players are wrong the murderer gets away and everyone loses.
    I've played Nancy Drew for years and even her saccharine personality is more 3D than Lindsay or 'Linds') as she calls herself. Now, one of my co-workers was applying to the Secret Service and I knew that I was down as a reference for her.

    Feel free to surf to my site: expedia

    ReplyDelete
  40. I am suгe this piecе of wгіting hаѕ touchеd all the intеrnet pеople,
    its really reallу ρleasant post οn buіlding up nеω web site.



    Alsо νiѕit my pаgе: hcg diet side effects

    ReplyDelete
  41. Hmm is anyone else having problems with the images on this blog loading?

    I'm trying to determine if its a problem on my end or if it's the blog.
    Any responses would be greatly appreciated.

    Here is my homepage - saffronextractreview123.weebly.com

    ReplyDelete
  42. Howdy! I could have sworn I've been to this blog before but after going through some of the posts I realized it's new
    to me. Anyways, I'm certainly delighted I stumbled upon it and I'll be bookmarking it and
    checking back regularly!

    my web-site ... acid reflux remedies

    ReplyDelete
  43. This paragraph will help the internet users for building up
    new weblog or even a blog from start to end.

    Feel free to surf to my weblog - gaco magnum

    ReplyDelete
  44. Excellent blog here! Also your site loads up fast!
    What web host are you using? Can I get your affiliate link to your host?
    I wish my site loaded up as quickly as yours lol

    Have a look at my web blog acid reflux remedies (smartsolutions123.com)

    ReplyDelete
  45. Hey I know this is off topic but I was wondering if you
    knew of any widgets I could add to my blog that automatically tweet my newest twitter updates.
    I've been looking for a plug-in like this for quite some time and was hoping maybe you would have some experience with something like this. Please let me know if you run into anything. I truly enjoy reading your blog and I look forward to your new updates.

    Have a look at my blog post :: newborn baby reflux

    ReplyDelete
  46. I have to work 3 more years till i retire than we are moving to another province with my pension money. and the government can take there debt retirement fee and there stupid mc guinty meters and... I have a visa, every month I get a bill, how much I pay and how much I still owe. I was late on the hydro bill and with in three weeks I was informed that my service was to be shut off. so this week hydro got there money and we eat kraft macaroni and cheese. I'm sick, the less we use the more the rates go up.

    ReplyDelete
  47. I have to work 3 more years till i retire than we are moving to another province with my pension money. and the government can take there debt retirement fee and there stupid mc guinty meters and... I have a visa, every month I get a bill, how much I pay and how much I still owe. I was late on the hydro bill and with in three weeks I was informed that my service was to be shut off. so this week hydro got there money and we eat kraft macaroni and cheese. I'm sick, the less we use the more the rates go up.

    ReplyDelete

Please feel free to leave a comment, especially if you wish to share your own horror story. If you wish to get involved in the class action suit please contact me directly at jrwakefield@mcswiz.com put Class Action Suit in the subject please.