Green Energy Equals Corporate Welfare For The Big Boys

[ 0 ] April 7, 2015 |

ontario green energy corporate welfareWhat would you say if I told you that as Ontario taxpayers, we will be subsidizing somewhere between 8 to 13 billion dollars to “Green Energy” companies in the next 10 to 20 years?

Yep, that’s a hefty slice of corporate welfare, don’t you think?

Add to it the 2 Billion already handed over in subsidies to these same companies.  One such company posted $217-billion in revenue last year.

According to an analysis by the Consumer Policy Institute and Energy Probe, 90% of the wind subsidies went to just 11 companies, 80% of the subsidies went to nine companies with annual revenues over $1-billion, 60% of the subsidies went to six companies with more than $10-billion in annual revenue.

So for all those promises that Dalton and Smitherman gave to Ontarians about how this was all supposed to be a big boon in profits, a big fat 10% has been contracted out to small or local producers.

The rest of the contracts, the full other 90% (complete with mega corporate welfare that goes along with it), went to 11 companies.

To add insult to injury the cost of electricity to Ontario Hydro ratepayers have seen an increase of 56% since 2009 and promises to keep growing well past the rate of inflation per year.

Hydro ratepayers lose.  Those 11 companies complete with corporate welfare from the taxpayers, gain.  Good to be them.

For Ontarians on the other hand – not so much.


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Category: Liberal Boondoggles