Electricity system operator reports $80 million loss after accounting change

TORONTO-Ontario’s efforts to ease the upward pressure on electricity rates has been dealt a setback by a change in accounting practices. In the government’s public accounts for 2015-16, the Independent Electricity System Operator reported a “previously unrecognized actuarial loss and past service costs” of just over $80 million. The provincial agency which oversees Ontario’s electricity market says it will raise fees it charges the power industry to recover the losses as part of its accumulated deficit charge. Progressive Conservative researchers discovered the $80 million loss in the public accounts and the Opposition plans to raise the issue in the legislature today. The Tories point out the loss more than offsets the $70 million the Liberals said would be saved over seven years under Ontario’s new deal to purchase two terawatt…

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