Hydro's old debt at $20B
Energy shortage fear

Toronto Sun - October 9, 2002
By Alan Findlay

The enormous debt of former utility Ontario Hydro continued to grow last year, leaving electricity users possibly on the hook for even higher prices next summer.

According to the Ontario Electricity Finance Corp.'s annual report, Hydro's so-called stranded debt grew by close to $70 million to $20.09 billion, despite a new debt reduction charge in place since last June.

"We're getting screwed, both as ratepayers and as taxpayers," said Energy Probe's Tom Adams.

The debt retirement charge -- called the Wholesale Market Surcharge on bills -- was introduced June 1, 2001 at a cost of about $7 a month for the typical home.

"This is another example of how badly consumers in this province are being screwed by this government's hydro privatization and deregulation," said NDP Leader Howard Hampton.

A report Monday from a government agency expressed "serious concern" about possible electricity shortages next summer.

Premier Ernie Eves said there are two new electric generators gearing up and smaller green generation projects in the works.

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