A reworked industrial electricity rebate program specific to northern Ontario.
The former Northern Industrial Electricity Rate program becomes the Northern Energy Advantage Program.
Premier Doug Ford says it also comes with an increase in funding.
“Our government is increasing our investment in the Northern Energy Advantage program from $120 million a year to over $176 million by 2025,” says Ford.
Ford says that will allow more companies to take advantage of the program.
A $20 million cap on the amount of money one company can receive is also being removed.
“We believe that this will be a tremendous incentive, especially for mining operations and existing forestry operations, to ramp up their production and not be faced with increased electricity costs once they hit that threshold,” says Minister of Northern Development, Mines, Natural Resources and Forestry Greg Rickford.
A total of 21 companies are taking advantage of the rebate program.
Rebates will now be based on the average electricity consumption between 2017-2020.
Today, Premier @fordnation, Min @RossRomanoSSM and I announced the new Northern Energy Advantage Program, an initiative that builds on our Critical Minerals Strategy by lowering Northern industrial energy rates. We're ready to attract global investments. https://t.co/dYaycOKt84 pic.twitter.com/BRyKNHdjNM
— Greg Rickford (@GregRickford) April 8, 2022
