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Auditor General confirms Wilson’s hydro warnings

DRC Tour(December 5, 2011) Ontario’s Auditor General delivered a cutting rebuke of Dalton McGuinty’s energy policies today in his annual report.  Included were a vindication of Jim Wilson and his massive yearlong tour of Ontario warning of Dalton McGuinty’s fly-by-night excuse for his extension of hydro’s Debt Retirement Charge (DRC).

Carrying nothing but some research and a small podium, Wilson stood in front of hydro transformer stations right across the province – visiting over 80 communities – to warn taxpayers that Mr. McGuinty was pulling a fast one on them by using the money collected from the DRC to pay for his expensive energy experiments.  While the Liberals denied it, the Auditor General confirmed today, “As of March 2011, $8.7 billion of the $7.8 billion residual stranded debt had been collected.”

The auditor even quoted Wilson in his report.  “In announcing the DRC in 2000, the then Minis-ter of Energy (Jim Wilson) said that the objective of it was to pay down the estimated $7.8-billion residual stranded debt: “All revenues from the DRC will go directly to the Ontario Electricity Financial Corporation to be used exclusively to service the residual stranded debt. Once the residual stranded debt has been retired, the DRC will end.”

“I’m glad the auditor has confirmed what I’ve been saying, but I’m disappointed that the Liberals haven’t followed the intent of the Debt Retirement Charge,” said Wilson.  “Dalton McGuinty is using this money for other debts and he’s not being transparent about it and that’s just wrong.”

The auditor’s report also explains how Dalton McGuinty’s energy experiments are rapidly driving up hydro bills and killing thousands of jobs in the broader economy, while McGuinty’s often touted claims of new green jobs have been grossly inflated.   The report also referenced what Wilson has said throughout the year when the auditor wrote, “We also noted that studies in other jurisdictions have shown that for each job created through renewable energy programs, about two to four jobs are often lost in other sectors of the economy because of higher electricity prices.”

Wilson says the now confirmed fact that the governing Liberals never did a cost-benefit analysis on the $7 billion Samsung deal is yet another botch on their record.

“None of this comes as a surprise to me, but it should be an eye opener for hydro ratepayers who are being gouged by the McGuinty Liberals,” said Wilson.  “It’s as if Dalton McGuinty is incapable of being honest and transparent with taxpayers.”

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