File this one in the “You’ve got to be kidding” pile. The Ontario Energy Board (OEB) has approved a rate hike to cover approximately $18 million in fines and court costs associated with various hydro companies overcharging interest on past due accounts.
So, not only are we potentially seeing a 6.2% increase starting March 1, we are paying extra because the hydro companies were breaking the law.
Come on! Give me a break!
It’s bad enough I’m paying $0.051/kWh in off peak times and $0.091/kWh in peak times when the average market price is $0.0342/kWh for February 2011.
In 2009, Hydro One had a net income of $470 million (pdf link) on $4.744 billion in revenue or approximately 10% margin. WTF? I understand it operates as a private company and has to produce profit for it’s shareholders but shouldn’t it be attempting to pass some of that income back to the consumer through lower rates? We’re already being dinged for debt reduction, delivery, line loss, and whatever other things they can think of to squeeze more money out of Joe Average electricity user. Why not reduce that margin to 5% (which is still a huge net income of $235 million for Hydro One) and return $50 to each of the approximately 4 million homes in Ontario.
Stop trying to take more money from my pocket and bring your income to a more reasonable level.