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FALSE “GREEN” ECONOMY AND CLIMBING HYDRO RATES

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NORTH BAY -- WINDSOR SOLAR PLANT CLOSURE   Another renewable energy company has discovered how fatally flawed Dalton McGuinty’s energy Siliken Solar Panelsplan actually is, PC Energy Critic and Nipissing MPP Vic Fedeli charged today.

Solar firm Siliken Canada has announced it is closing it’s Windsor operation, just more than a week after laying off 40 workers.  Today, Siliken laid off its final 53 employees.

At peak production last year, Siliken had 120 workers on three shifts producing 1,200 solar panel modules.

“Dalton McGuinty gave false hope to the renewable industry, especially those in the solar sector, with overly rich Feed-In-Tariff (FIT) subsidies,” Fedeli said.

“As soon as that unsustainable subsidy was reduced, sales fell and jobs disappeared.  This proves our point that these so-called “green jobs” are only temporary.”

CREDIT DOWNGRADE COULD ADD TO HYDRO BILLS 

Moody’s recent credit rating downgrade of Hydro One could result in even higher power costs for Ontario families and businesses, PC Energy Critic and Nipissing MPP Vic Fedeli said today.

Following the downgrade of the Province of Ontario’s rating last month, a number of linked issuers also received downgrades to reflect the province’s lower rating, including Hydro One Inc., which saw its senior unsecured debt rating fall to A1 from Aa3.

“It seems this government finds new ways to add to the cost of power in this province at every turn,” Fedeli said.

“If Hydro One’s borrowing costs go up as a result of this, you know the burden will ultimately be borne by Ontario families and businesses in the form of even higher hydro bills,” Fedeli said.

Fedeli broke the news two weeks ago that the City of North Bay would likely face a downgrade to reflect the province’s rating change, which Moody’s confirmed on May 1.

Six other linked issuers also saw their debt ratings cut, including The Hospital for Sick Children, 55 School Board Trust, the Ontario School Boards Financing Corporation, Ontario Infrastructure and Lands Corporation, the University of Ottawa and the University of Toronto.

“These organizations did nothing on their own to deserve a downgrade – the changes in their ratings are solely as a result of the downgrade issued to the Province of Ontario,” Fedeli concluded.

It comes not long after WindTronics, a company the province gave $2.7 million to, pulled up stakes from Windsor to move its operations to Michigan.

“With news also today that Ontario lost more jobs last month while the rest of the country gained them, it’s time Dalton McGuinty ended this charade and table a real and comprehensive job creation plan for Ontario,” concluded Fedeli.

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