Society Secretary-Treasurer Laurie Reid presented to the Ontario Legislature’s Committee of the Whole against the government’s proposed Bill 165: Keeping Energy Costs Down Act, 2024.
In the Society’s opinion the Bill, which purports to reduce upfront costs for new-build gas customers, does not accomplish its intended purpose, and, rather, sets a dangerous precedent by overruling the independent regulator—the OEB.
With more than 20 years of experience at the OEB, Secretary-Treasurer Reid laid out the Society’s case. In our estimation, the Bill will have minimal effect on homebuyers, increases the risk of stranded assets and higher costs for ratepayers, and threatens regulatory independence in Ontario’s electricity sector. Opposition members quickly realized that would affect the credit rating for the province’s utilities and drive-up borrowing costs just as major infrastructure investments are needed.
Members can read the submission here.
Watch Secretary-Treasurer Laurie Reid’s presentation below:
