Trudeau's green dream will end in disaster
Prime Minister Justin Trudeau’s vision of a taxpayer-funded, green energy revolution powering Canada out of the COVID-19 recession is the same one former Liberal premier Dalton McGuinty had in Ontario during the 2008 recession.
Trudeau is telling us now, as McGuinty did then, that we can spend ourselves rich by cashing in on a global green energy bonanza.
In other words, Canada’s Liberal PM wants to do to the country what Ontario’s former premier did to that province more than a decade ago.
The problem is that what McGuinty did —passing Ontario’s Green Energy Act in 2009 — turned into a disaster.
Residential electricity prices in Ontario more than doubled in a decade.
One of the reasons was the ludicrously expensive, 20-year wind and solar power contracts the Liberal government signed with green energy developers, some run by Liberal cronies.
Soaring commercial electricity prices gutted McGuinty’s promise of tens of thousands of new green jobs, because the gains were overtaken by bigger job lossesin the manufacturing sector.
That was one of the reasons Ontario’s unemployment rate remained above the national average for more than seven years.
When the auditor general reviewed the contracts the McGuinty government had signed with green energy developers, she reported the Liberals had paid $9.2 billion more than necessary for electricity, because they ignored the advice of their own experts.
As a result, Ontario electricity consumers were paying twice the average U.S. price for wind power and 3.5 times the average U.S. price for solar power.
While McGuinty boasted green energy enabled the province to end its reliance on coal to produce 25% of its electricity, the Liberals actually did that with nuclear and natural gas power.
Wind and solar power were multi-billion-dollar boondoggles which made the province’s electricity system less efficient and more expensive than it had to be.
Following McGuinty’s reckless and failed gamble on green energy, continued by his successor Kathleen Wynne, the Liberals never came close to balancing the Ontario budget, before they were defeated in 2018 by Doug Ford and the Progressive Conservatives.
Instead, they turned Ontario into one of the world’s most indebted sub-sovereign borrowers.
Canadians should be wary of Trudeau taking the country down the same path.