The Ontario Energy Board (OEB) released new electricity time-of-use (TOU) pricing with an effective date of November 1, 2020.
The OEB oversees the Canadian Province’s electricity and natural gas sectors. It regulates how energy companies operate to ensure the public interest is served.
What is Changing?
Average residential hydro customers will see their electricity bills go up by $2.24 a month when the new rate schedule takes effect.
The change comes as Ontario stretches into its eight-month of the COVID-19 pandemic with new case counts reaching levels higher than ever seen before.
How It Affects Customers
With TOU, the price you pay depends on when you use electricity.
Customers who stay on TOU pricing will pay rates of 10.5 cents off-peak, 15 cents mid-peak, and 21.7 cents on-peak.
For example — the total bill for a typical residential customer who uses 700 kWh per month will increase by about $2.24 or 1.97 percent, after accounting for the bill relief provided by the Ontario Electricity Rebate (OER), a total (pre-tax) bill credit that appears at the bottom of electricity bills.
The Ontario government has increased that rebate from 31.8 percent to 33.2 percent effective November 1, 2020.