Chamber says hydro costs are one of the most pressing challenges for the provincial economy

If something isn’t done to mitigate impending hydro rate increases, “businesses will leave the province, jobs will be lost and the economy will suffer.”

Those words from Chamber of Commerce President Jake Lacourse as the local business group and the provincial chamber have released a report on soaring electricity prices.

The report says industrial electricity prices have risen 16 per cent since 2013 and are slated to climb 13 per cent higher over the next five years.

Lacourse says small and medium sized businesses are being impacted.

Among other recommendations, Lacourse says Feed In Tariff (FIT) contracts need to be cancelled.

He also says more work needs to be done by the province to educate Hydro customers on electricity pricing and system cost drivers.

The ministry of energy says Ontario’s industrial electricity rates are competitive with jurisdictions across North America and the government has introduced several programs to help businesses reduce electricity costs.

(With files from The Canadian Press)