The announcement - about the new "Long Term Energy Plan" was made by The Ontario Minister of Energy, Robert Chiarelli, on December 2, 2013. The cost of electricity will rise very rapidly over the next 5 years and then level off.

Various organizations and media companies have determined that the effective rate of price escalation is 10% a year for the next 3 years - working out to 33% higher than the current rates - and then 5% for the next two years and then rising at the historical rate of 3.5% a year.

It's our opinion that beyond 3 years (and even that is a stretch), the forecasts are almost pure speculation. With several nuclear electrical generating facilities needing to be replaced and/or mothballed, there are some major costs that haven't been accounted for. It is notable, that no other political party has provided a credible alternative to the Long Range Energy Plan - all they have done is play politics and bluster about how outrageous the increases are....

The following are links to reports in newspapers and on-line media about the announcement.

Financial Post:

City News:

CTV News: