Well, we knew it was going to be a big number.
Ontario’s Auditor General tells us that the total cost of the cancellation of two gas plants is likely in the neighbourhood of $1.1 billion . That’s a big number alright !
But some of the other details about this deal really rub salt into the wound.
The first grievious error was when the government went ahead with these projects despite the very clear and loud message from both communities that they didn’t want these plants in their cities.
But it gets worse.
There were clauses in those contracts that would have substantially reduced any liability for the government if the projects were cancelled.
But the government , including the Premier’s office assured TransCanada Corp, that the energy giant would be fully compensated in spite of the what the contract said.
And there is some evidence to suggest that TransCanada may have walked away from the deal anyway because of mounting logistical problems , which would have cost the government nothing.
But the Auditor General says the government went ahead and broke the contract, which kicked in all of the penalty clauses, because they wanted the issue settled before the election.
Time will tell what kind of price the Liberals will pay for this fiasco, but the price we the taxpayers are stuck with is huge and, as it turns out, unnecessary .