Get ready to pay billions for hydro pensions

January 18, 2014
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Think hydro rates are outrageous now?

By Catherine Swift and Bill Tufts

Wonder why Ontario hydro rates are so high? There are many reasons for soaring electricity rates, but one that hasn’t received anywhere near enough attention is the very lavish pay and benefits of the hydro utilities’ staff.

Recently, there has been quite a ruckus over a number of pensions in the extended public sector. In British Columbia, it was revealed that a senior executive at BC Ferries was eligible to receive a lifetime pension valued at $315,000 after only nine years of employment there. In Quebec, Hydro-Québec claimed that its pension costs last year were only $21-million, but its financial reports showed that taxpayers had pumped $646-million into the pension plan. Stay tuned — we will hear many more such horror stories as a result of decades of pension underfunding, early retirements and rich pensions of public sector workers and those in the extended public sector.

 

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