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The Tory opposition says the Liberal plan to save you more money on your hydro bill now, will cost billions more in interest over the years and Premier Wynne acknowledges that.

Kathleen Wynne announced Thursday morning what had already been leaked, that her government plans to slash another 17% off hydro bills on-top of the 8% reduction that came into effect in January.

The plan is to cut the costs by re-financing the term of electricity generation contracts from 20 to 30 years, similar to how some mortgages are re-financed.

“Over time it will cost more. That’s true and it will take longer to pay off, that’s also true. But it is fairer because it doesn’t ask this generation of hydro customers alone to pay freight for everyone who came before and everyone who came after.”

But that cost could come with an additional price tag of about $1.4 billion a year in additional interest.

Several other measures were announced Thursday to help low-income and rural residents. While those measures will save low income and rural residents about $2.5 billion over the next three years, that cost will shift to all taxpayers.