Canadian Press says the president Hydro One has announced his intention to raise rates if approved. Mayo Schmidt did this at the Empire Club where he was speaking Thursday. Schmidt said the application to the Ontario Energy Board seeks to increase rates by 0.5 per cent this year and 4.8 per cent next year. “What we apply for is to keep the system stable and functioning,” Schmidt told CP.. “If in fact we don’t apply for capital that’s required to replace aged equipment and that equipment fails, the system fails, so Ontario — in whatever region that would be — would be without power.”
