Eligible companies could qualify for a reduced electricity rate if they create new jobs and bring new investment to Ontario.
It’s not a new industrial hydro rate for all companies that the opposition parties have been asking for to stop firms from leaving for neighbouring jurisdictions with lower electricity prices.
Instead, companies that make a minimum investment of $250 million will be eligible for long-term contracts at the wholesale market price, a reduction of about 30 per cent from current rates.
If the new jobs an eligible company creates disappear, so will its access to the lower electricity rate.
The Liberal government says the lower rates will make it easier for large industries to expand and encourage other companies to locate in Ontario, creating badly needed jobs in the process.