Phasing out Natural Gas would cost you big bucks
Residents in Ontario should expect to pay another $3,300 a year per household if natural gas is removed from the grid, according to a report authored by economist Ross McKitrick.
According to LFX Associates, Costs and Benefits of Phasing out Gas in Ontario’s Electricity Sector, a gas phaseout by 2030 would also cause Ontario’s GDP to fall between 3.0% and 3.6%, and cost 17,000 to 25,000 jobs.
It is not just Ontario residents that should be concerned.
There has been a push from the environmental movement in recent years for governments to phase out natural gas from their grids. In Ontario, thirty-four municipalities have passed resolutions requesting that the Government phase-out natural gas plants. After December 31, 2023, it will be illegal to replace existing furnaces with any sort of heating system powered by fossil fuels in Quebec. And in Nanaimo, British Columbia, new homes won't be allowed to have natural gas as a primary heat source as of July 1, 2024.
This is madness. Get informed about how phasing out natural gas could impact your power bills. Download the free report today.