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12 xhkmi5lism4siwfiville energy consumers wary of huge ontario hydro debt by patrick casey staff writer consumers across the province will be sharing the pain of the former ontario hydros estimated 23billion debt but to ease the impact ofhydro restructuring on residents and businesses 11 municipal hydro companies including all ofyorkregion have amalgamated to form ontarios third largest hydro purchaser in april the province divided ontario hydro into four companies to end its monopoly over the electricity market but to erase the utilitys accumulated debt all residential commercial and industrial users in ontario will continue to pay a portion of the shortfall through their electrical bills under the provinces repayment scheme 33 per cent of revenues from local hydro operations will be directed to the debt that has cities and towns examining whether or not to sell their hydro interests but local municipalities opted to join in the canada energy alliance instead the alliance will buy the power and guarantee one of the lowest rates of electricity said markham mayor don cousens its funny you talk about amalgamation but we received terrific cooperation and support for this over the last year when you can see the benefits for ratepayers the decision becomes so obvious since you want to do whats right for a community if someone came around with too much money wed sell markham hydro but that is not going to happen added cousens- cousens said it could take 20 years to eliminate ontario hydros debt poller insurance ltd moller insurance ltd moller insurance ltd personal service with quality coverage a call and compare or drop in anytime its not easy but the government has identified a way of paying it down and they will make everyone suffer through it said cousens at least they are starting to tackle it where pre viously it was allowed to accumulate ontario hydro just got too big and kept hiring more employees while someone like quebec hydro had very few employees and did all their work by con tract now you have to rein in that debt however markham board of trade president ruth burkholder raised con cerns about the plan in a letter to energy minister jim wilson last week the board says if energy rates rise it will impact the competitiveness of ontario businesses against companies outside the province and may also pre vent corporations from relocating here if the government has to push those rates higher we must caution them to make sure not to do too much at one time they really have to space this out because it impacts the business commu nity said burkholder we know it has to be done but take it easy on the business community with that amount of money owing you cant pos sibly recoup that over the shortterm but oak ridgesmpp frank klees said the only change con- sumers will notice once restructuring plans are finalized next fall is that their monthly statements will show how much of their bill is being directed toward the debt restructuring for ontario hydro is not creating new debt the debt is not going to increase and once competition enters the market the actual cost for electricity is going to go down stressed klees the conservative party whip consumers will see no difference the important thing to remember is there is no difference to how much they are pay ing for the debt the debt factor is based on the percentage of consumption so you will pay a portion as a residential user and also as a business user if you pwri a company its simply related to the amount of energy you use frank klees mpp says consumers will not see a difference free dessert with any extra value meal all year round economist sun v information ii york region p 64 sandiford drive unit1stouffville h h dr estralita mccarthy dr carolyn wong are pleased to announce the opening of their new optometric practice at the markville shopping centre 2nd level by sears call 905 9401 01 3 for appointments new patents and walkins welcome moller insurance ltd moller insurance ltd moller insurance ltd severance package seminar this workshop will give you insightinto understanding youf severance retirement options minimizing tax maximizing the benefit your package brings financial planning solutions wednesday sept 29 700800 pm scotiamcleod markham office reservations required 905 9470933 christina caney investment executive j scotiamcleod building relationships for life member cipf