Report: Ontario to add more funding to Tesla as it delays green plan unveiling

(Bloomberg) — Ontario’s new Progressive Conservative government is drafting a plan to grant extra funding to Tesla Inc. as it delays unveiling its long-awaited green plan, the Financial Post reported, citing a person familiar…

Report: Ontario to add more funding to Tesla as it delays green plan unveiling

(Bloomberg) — Ontario’s new Progressive Conservative government is drafting a plan to grant extra funding to Tesla Inc. as it delays unveiling its long-awaited green plan, the Financial Post reported, citing a person familiar with the matter.

The plan, to be included in the upcoming provincial budget, will also add support for electric vehicle charging stations, according to the Financial Post. It’s part of a broader effort to encourage the use of more affordable power to cut down on the use of high-emitting natural gas for heating, Bloomberg News reported Tuesday.

The new government will add residential and commercial rebate programs to a $300 million industrial program that was originally to be revealed in the 2017 budget, according to the report. It would also invest more into regional electricity grids, as well as accelerate the installation of thousands of charging stations, Bloomberg News reported.

Representatives of the new government weren’t immediately available for comment.

The news follows a report in the National Post last week that the government is considering grants to business owners willing to allow electric vehicle charging stations in their parking lots. Ontario will continue to build the high-speed rail from Toronto to the Ottawa-Gatineau area, the government announced on Tuesday.

The electric car rebate news arrives as the provincial government is telegraphing its plans for what to do with the approximately $100 billion in oil it owes creditors, following Premier Doug Ford’s election victory in June.

Ford has advocated for a 30 percent reduction in global oil consumption by 2030 and is seeking the potential sale of the Ontario Power Generation and Hydro One to buy clean energy. He’s also calling for a 10 percent reduction in non-renewable energy use over three years.

Last week, electricity costs rose to an annualized rate of about $241 per megawatt-hour — above the national average and significantly higher than Ontario’s national and provincial electricity rates.

Among the financial considerations in changing energy sources is the risk that customers could see rising electric bills if some emerging technologies become more expensive and not compete with existing ways of generating electricity, Bloomberg News reported last week.

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