The Ontario Chamber of Commerce published a report this month entitled “Empowering Ontario: Constraining Costs and Staying Competitive in the Electricity Market”. The Report highlights that the price of electricity in Ontario is the highest in North America and is expected to increase 13% over the next five years. The Report also emphasizes the connection between the price of electricity and business’ ability to grow. A survey conducted by the Ontario Chamber of Commerce showed that the rising cost of electricity in Ontario is the reason that in the next five years:
- 1 in 20 businesses in Ontario expect to close;
- 38% will see their profits decrease; and
- Businesses expect that the increased cost of electricity will mean delaying or canceling investment plans.
While the Report makes recommendations for the Ontario government, ECNG can help you navigate these costs today. Contact our office to find out how you can protect your bottom line from rising electricity costs.