Another credit downgrade for Ontariowe


Locutus
#1
"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
+1
#2
Impossible, Liberals are in charge.
 
IdRatherBeSkiing
#3
Quote: Originally Posted by Walter View Post

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
#4
$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
#5
Quote: Originally Posted by petros View Post

$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
Free Thinker
#6
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
#7
Quote: Originally Posted by lone wolf View Post

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
Free Thinker
#8
Quote: Originally Posted by petros View Post

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
+1
#9
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
Free Thinker
#10
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?
Last edited by lone wolf; Dec 21st, 2014 at 04:41 PM..
 
petros
#11
Quote: Originally Posted by lone wolf View Post

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
Free Thinker
#12
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
Last edited by lone wolf; Dec 21st, 2014 at 05:28 PM..
 
petros
#13
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
Free Thinker
#14
Quote: Originally Posted by petros View Post

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
Free Thinker
#15
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
Free Thinker
+1
#16
Quote: Originally Posted by lone wolf View Post

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
Free Thinker
#17
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
#18
Quote: Originally Posted by Goober View Post

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

Then stop selling to US at discount. Voila. Profit.
 
lone wolf
Free Thinker
#19
Quote: Originally Posted by petros View Post

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
Free Thinker
#20
Quote: Originally Posted by petros View Post

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.
 
petros
#21
Quote: Originally Posted by lone wolf View Post

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.

We pay $85.50 per month on equalized. How much is your bill?

Quote: Originally Posted by Goober View Post

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

What green power?
 
lone wolf
Free Thinker
#22
Quote: Originally Posted by petros View Post

We pay $85.50 per month on equalized. How much is your bill?

Just lowered to $214 from $258/mo (for the next 3 months) in 856 sq ft with gas heat and a 100 amp service.
 
petros
+1
#23
Quote: Originally Posted by lone wolf View Post

Just lowered to $214 from $258/mo (for the next 3 months) in 856 sq ft with gas heat and a 100 amp service.

I apologize. You aren't whining. That is criminal gouging.

Have you contacted you MPP?
 
Goober
Free Thinker
+2
#24  Top Rated Post
Quote: Originally Posted by petros View Post

We pay $85.50 per month on equalized. How much is your bill?



What green power?

Blame solar for sky-high Ontario power bills | Financial Post

Solar energy – one of the key pillars of the Green Energy and Economy Act (GEEA) – is casting a dark cloud over Ontario electricity bills and is a big factor in recent and future bill increases. In 2013, solar projects caused electricity bills to be about $550-million higher than they would otherwise have been. For a typical homeowner, this works out to $47 per year. Ontario will have an estimated 1,100 MW of solar installed by year-end and roughly 900 MW will be added in 2014. This addition will cause 2014 electricity bills to increase by another $435-million – equal to a typical homeowner increase of $37 per year. By the end of 2014, solar will be costing Ontarians $1.25-billion per year – while generating a paltry 2% of Ontario’s total electricity requirement.

How did Ontario get here?

Under the previous Renewable Energy Standard Offer Program (RESOP), Ontario contracted for 475 MW of solar capacity, to be paid $0.42/kWh for 20 years.
Ontario’s green disaster | Financial Post

The GEA may have been well-intended but a recent Fraser Institute analysis, called The Environmental and Economic Consequences of Ontario’s Green Energy Act, demonstrates that it is driving up Ontario’s energy costs and poses a threat to economic competitiveness for the manufacturing and mining sectors. What little environmental benefit it is expected to generate could have been achieved at a fraction of the cost. Unless the province changes course, the GEA will saddle Ontarians with needlessly high energy costs for decades to come.

As our study demonstrates, the GEA will soon put the province at or near the top of North American electricity costs. Already the GEA has caused major price increases for large energy consumers, and analysts in both the government and the private sector anticipate additional hikes of 40% to 50% over the next few years. We estimate that the manufacturing and mining sectors will be hard hit, with energy cost increases reducing returns to investment by between 13% and 29%.
 
SLM
No Party Affiliation
#25
Quote: Originally Posted by lone wolf View Post

Just lowered to $214 from $258/mo (for the next 3 months) in 856 sq ft with gas heat and a 100 amp service.

There is something really off about that. My budget plan is $177 per month (it was $166 last year) but my heating is electric. And my condo is just shy of 1000 sq ft, so not too much difference to your space.

You should contact the ombudsman, I know there is already a really long list of hydro complaints with the ombudsman's office, but I'd do that anway.
 
DaSleeper
+1
#26
Quote: Originally Posted by lone wolf View Post

Just lowered to $214 from $258/mo (for the next 3 months) in 856 sq ft with gas heat and a 100 amp service.

Gawd, that is a lot......My equal billing is $75 a month for a three bedroom bungalow style with basement...about 1000 sq. ft.
But the water heater is Gas.
 
lone wolf
Free Thinker
#27
Quote: Originally Posted by petros View Post

I apologize. You aren't whining. That is criminal gouging.

Have you contacted you MPP?

Mine is one of those ten thousand files before the Ombudsman - including the power use graph with spike of some 170 kw . If, indeed, I had a spike like that, shouldn't the mains have tripped (if the meter even stayed on the wall)
 
petros
+1
#28
Quote: Originally Posted by lone wolf View Post

Mine is one of those ten thousand files before the Ombudsman - including the power use graph with spike of some 170 kw . If, indeed, I had a spike like that, shouldn't the mains have tripped (if the meter even stayed on the wall)

$20(waivable) to take them to court.