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Debt should be repaid to residents

Councillor John Neal wants to know what will happen to the money residents have been paying to help reduce the hydro debt if the conglomerate is sold.

A motion brought forward by Councillor John Neal is looking for answers regarding the Debt Retirement Charge, which has been a common sight on hydro bills since Ontario Hydro was split into four entities in 1999.

The conglomeration left approximately $20.9 billion in debt, $11.5 billion of which was paid off through the retirement charge to users.

Neal says with the impending Liberal decision to sell off 60 per cent of the public asset, the province should be repaying all or a portion of the money collected.

“I would really like the province to explain…now they’re going to sell it, where does that leave the residents?” Neal said. “There has to be a conversation about this.”

The motion was referred to staff to clarify wording and ensure the city’s stance against the sale of Hydro One is considered.