How can we curb rising electricity costs in Ontario?
The OCC’s latest report, Empowering Ontario: Constraining Costs and Staying Competitive in the Electricity Market, takes a look at the driving factors behind rising electricity costs in Ontario.
The report comes at a pivotal moment. Electricity prices are set to rise over the next two decades. Businesses are telling us that the high price of electricity is undermining their capacity to grow and hire new workers.
In order to keep businesses from leaving, the Government of Ontario must ensure that electricity prices are competitive. This is not a simple task. A number of organizations and groups are championing solutions that they claim will address rising electricity prices and create system-wide cost savings. Some are grounded in evidence and principles. Others are wishful thinking.
The goal of the report is to inject research and principal into the discourse on Ontario’s electricity future, and to identify the initial steps that the Government of Ontario can feasibly take to constrain rising electricity costs.
Through consultation with our membership, sector experts, businesses, government ministries and agencies, and consumer groups, we examined ten commonly cited solutions to rising electricity rates based on a set of guiding principles. The highest ranking options comprise our five recommendations to government. Review the OCC’s analysis of all options.
There are viable options to ensure that our electricity costs are competitive and that the price of electricity enhances, not detracts from, our ability to compete globally and attract investment. When combined, the OCC’s five recommendations will be a step in the right direction.