CP24 TORONTO reports that Electricity rates are going up again in Ontario, just in time for the longer summer days. Time-of-use electricity prices will jump half-a-cent to 18 cents a kilowatt hour for peak periods, from 11 a.m. to 5 p.m. weekdays, starting May 1.
Quote from the CBC:
Rates are rising in May in part due to lower than expected usage over the mild winter, the OEB says. They set their prices “in order to recover expected costs while providing incentives and opportunities for customers to reduce their bills by shifting their time of electricity use.”
“As part of the Regulated Price Plan (RPP), the difference between the actual price paid to electricity generators and the forecast price paid by electricity customers is tracked in a dedicated account on an ongoing basis,” the OEB says in a statement. “If customers paid more for electricity than was paid to generators, the amount tracked in an account will be a credit. If customers paid less, it will be a charge.”
The rates are up slightly less for mid-peak periods — between 7 and 11 a.m. and 5 to 7 p.m. — at 13.2 cents a kwh. Off peak rates — in effect from 7 p.m. to 7 a.m. and all day weekends and holidays — are up less than half a cent to 7.7 cents a kwh.
The Ontario Energy Board estimates the changes will add about $3.13 a month to the electricity line on the average monthly hydro bill for a household using 750 kwh a month.
The board sets rates every six months, and adjusts the hours for peak and off-peak periods, with changes every May 1 and Nov. 1.