Today, Todd Smith, Minister of Energy, released the following statement:
“Our government was elected with a mandate to rebuild Ontario’s economy as we keep costs down for people and businesses and build the homes our growing province needs.
“I am extremely disappointed in yesterday’s split decision by the Ontario Energy Board to reduce the amortization period for the cost of installing new natural gas connections for homes. This decision, which would mean costs that are normally paid over 40 years would be owed in full up front, could lead to tens of thousands of dollars added to the cost of building new homes. At a time when Ontario, like the rest of Canada, is already dealing with the difficult headwinds of high interest rates and inflationary pressures, the Ontario Energy Board’s decisions would slow or halt the construction of new homes, including affordable housing. We will not stand for this.
“In response, I will use all of my authorities as Minister to pause the Ontario Energy Board’s decision. At the earliest opportunity, our government will introduce legislation that, if passed, would reverse it, so that we protect future homebuyers and keep shovels in the ground.