Another credit downgrade for Ontariowe

[Locutus]

"Fitch is concerned that the province has planned for a second consecutive increase in the annual deficit this year to $12.5 billion," the agency said in a statement. "Fitch believes expenditure targets will continue to be challenging to achieve.

"Even if the province achieves its budget balance goal by fiscal 2018, it will be left with a sizable accumulated deficit and large debt burden that will have grown from current levels and is more consistent with a rating level of AA-."

Ontario Auditor General Bonnie Lysyk reported earlier this month that the province will be about $325 billion in debt by 2017/18.

here

Sun News : Ontario's credit rating downgraded

h/t sda
​

 

[Walter]

Impossible, Liberals are in charge.

 

[IdRatherBeSkiing]

Impossible, Liberals are in charge.

I clearly remember Wynn saying all the allegations of deficit were untrue and she would have the books balanced in 2 or 3 years. Clearly these numbers are wrong.

 

[petros]

$325Billion? That's nothing. It equals the entire revenues for the entire country for one year. Enjoy the next 20 years paying it off.

 

[Walter]

$325Billion? That's nothing. It equals the entire revenues for the entire country for one year. Enjoy the next 20 years paying it off.

Tax revenues.

 

[lone wolf]

From what? High paying industry left when the hydro bills cut into the profits. Who left that door open while out shopping for golfing stuff?

 

[petros]

From what? High paying industry left when the hydro bills cut into the profits. Who left that door open while out shopping for golfing stuff?

How much are you paying per kwh?

 

[lone wolf]

How much are you paying per kwh?

What difference does it make? I'm not an industry nor do I have a lot of high-paid employees

I'm just one of the money mines upon whose back Ontario tends to surf away from the debt

 

[petros]

5 cents of a dollar goes to pay off Ontario Hydro debt on your power bill. I checked. You aren't paying anymore than I am. I pay 11.93 cents a kWh, You are paying 11.03.

Quit whining.

 

[lone wolf]

I'm not in Greater Sudbury. Maybe you should check before looking like a you usually do.

Why did Kidd Met (an employer, in case you're sniffing out potential red herrings) relocate to Quebec?

 

[petros]

I'm not in Greater Sudbury. Maybe you should check before looking like a you usually do.

Why did Kidd Met (an employer, in case you're sniffing out potential red herrings) relocate to Quebec?

And the difference per kWh would be?

 

[lone wolf]

That depends... Are you referring to the energy cost? the delivery charges? the debt retirement fee? the Global Adjustment? I pay energy cost to a discounter at 8.59 cents/kwh - and make up for it in mysterious spikes and charges against my not-so-equal billing. Does that apply to every bill in the province? I doubt it. That would be TOO obvious. Some 100000 files before the Ombudsman suggest Hydro One is up to some nefarious practise. Nothing is as easy as you want it trolled down to be

 

[petros]

That is cheap! If equalized is giving you grief, go month to month.

Induction disc or smart meter? Ask for it to be replaced or recertified.

 

[Goober]

That is cheap! If equalized is giving you grief, go month to month.

Induction disc or smart meter? Ask for it to be replaced or recertified.

Ontario loses money on generating electricity - easily 1 Billion per year.

 

[lone wolf]

Not so cheap when you roll all the charges into one bill - but you aren't looking for facts anyhow. Month-to-month is basically what I pay - despite the fact they call it a payment plan - because I refuse to allow Hydro direct withdrawals. Only trusted creditors get that (Union Gas and Grey Power Insurance). Smart Meter only means they can alter your readings from Markham. I never had any trouble until they stopped sending the meter reader around.

 

[Goober]

Not so cheap when you roll all the charges into one bill - but you aren't looking for facts anyhow. Month-to-month is basically what I pay - despite the fact they call it a payment plan - because I refuse to allow Hydro direct withdrawals. Only trusted creditors get that (Union Gas and Grey Power Insurance). Smart Meter only means they can alter your readings from Markham. I never had any trouble until they stopped sending the meter reader around.

A good read here, the Minister telling the Aud Gen they do not understand numbers.
Ontario Auditor General: Smart meters a total flop, $900M over budget

The energy minister hit back hard, saying the global adjustment is “irrelevant” because it would be on people’s bills with or without smart meters, and he said Lysyk got the numbers wrong.

“Why are my numbers more credible than hers?” Chiarelli said, in response to questions after the report’s release. “First of all the electricity system is very complex. It’s very difficult to understand.”

He pegged the smart meter cost at closer to $1.4 billion, and said Lysyk’s conclusions are premature.

“It remains likely that some significant charges will not be passed onto ratepayers after the Ontario Energy Board has an opportunity to review the appropriate regulatory submissions,” Chiarelli said.

 

[lone wolf]

How many ways can a lawyer say "I'm screwing you" and make it sound like foreplay? Hydro needs to get rid of the people who don't know anything more about electricity that up means on and down means off. It's an essential service that should NOT be entrusted to gouge-and-profit business people.

 

[petros]

Ontario loses money on generating electricity - easily 1 Billion per year.

Then stop selling to US at discount. Voila. Profit.

 

[lone wolf]

Then stop selling to US at discount. Voila. Profit.

Buying at over-market rates from former Ontario Hydro facilities doesn't help a lot

 

[Goober]

Then stop selling to US at discount. Voila. Profit.

Locked in contracts from producers.
McSquinty signed off on a bonanza price, locked in for green power.