A recently-released report commissioned by the provincial government has confirmed that hydro pensions are “expensive, unsustainable, and represent a significant risk to hydro prices,” says Perth-Wellington MPP Randy Pettapiece.
“Under the Liberal government, hydro costs have sky rocketed,” said Pettapiece. “As this report warns, hydro costs will continue to increase as a result of these bloated pension plans.”
The report on the sustainability of electricity sector pension plans was written by Jim Leech, former head of the Ontario Teachers’ Pension Plan. It investigated the pension plans of four provincial agencies: Hydro One, Ontario Power Generation, The Electrical Safety Authority and the Independent Electricity System Operator.
A press release from Pettapiece’s office says the report found taxpayers are paying almost $5 for every $1 energy agency employees are contributing to the pension plans. The report also confirms these pension plans “represent a significant risk to energy prices, as pension costs are reflected in the price that the agencies charge ratepayers,” the release states.
“Families and businesses across Perth-Wellington are already having difficulty affording their hydro bills,” said Pettapiece. “It is unacceptable that they are being held responsible for pension plans the government’s own advisor has deemed expensive and unsustainable.”
While dated March 18, the report was not released until Aug. 1 – the Friday before a long weekend.
“This is an extremely poor example of the ‘open and transparent’ government that the Liberals have been preaching,” said Pettapiece. “There was ample opportunity for them to release this report after it was completed, but they chose to wait until after the election to avoid accountability,” he concluded.
Pettapiece states he receives many calls and letters from those who are concerned about energy costs and their hydro bills. He has taken these concerns directly to the premier and the minister of energy, and has raised this issue in the Ontario legislature. He says he has also contacted the president of Hydro One and the Ombudsman of Ontario regarding the billing issues that many in Perth-Wellington have experienced.
