Posted by Admin on July 11, 2012
Last month, the Industrial Electricity Incentive Program was introduced by the Ontario Ministry of Energy with the intention to create more local jobs in the industrial sector. Starting next January, eligible companies would receive reduced electricity rates if they create new jobs and bring in new investments to Ontario. These new companies and businesses would be able to receive contracts for up to 20 years for power costing $55 per mWh, instead of the current rate of about $75 per mWh.
The companies would be able to apply to two streams; stream 1 being for companies looking to create new operations in Ontario (making a minimum investment of $25 million) and stream 2 being available to companies with established projects and operations in Ontario with the condition that they expand their current operations. This program would not affect electricity rates for regular consumers.