Ontario imposed a 25% electricity price hike on exports to Minnesota, Michigan, and New York, according to Bloomberg. Ontario Premier Doug Ford stated that he regrets raising electricity prices but blamed President Donald Trump for the necessity of the decision.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Ontario imposed a 25% electricity price hike on exports to Minnesota, Michigan,
00:07and New York, according to Bloomberg.
00:09Ontario Premier Doug Ford stated that he regrets raising electricity prices,
00:13but blamed President Donald Trump for the necessity of the decision.
00:16The electricity price hike may be largely symbolic,
00:19as U.S. buyers can source power from multiple suppliers in the spot market.
00:24New York sourced over 4% of its electricity from Canada in 2023,
00:28while Minnesota and Michigan imported even less.
00:30Ontario expects the surcharge to generate over $270,000 daily
00:35to support Canadian workers, families, and businesses.
00:38For all things money, visit Benzinga.com slash GSTV.