Electricity Rate Change
The Ontario Energy Board (OEB) has announced changes to province-wide electricity commodity rates.
Effective November 1, 2014, Time-of-Use (TOU) customers in Ontario will be charged as follows:
- On-peak period electricity consumption (from 7 a.m. to 11 a.m. and from 5 p.m. to 7 p.m. weekdays) will be charged 14.0¢/kWh (an increase of 0.5¢);
- Mid-peak period electricity consumption (from 11 a.m. to 5 p.m. weekdays) will be charged 11.4¢/kWh (an increase of 0.2¢); and
- Off-peak period electricity consumption (from 7 p.m. to 7 a.m. on weekdays; and all day on weekends and holidays) will be charged 7.7¢/kWh (an increase of 0.2¢).
The price change for customers represents an increase of approximately $2.03 on the “Electricity” line, or about 1.7% on the total bill for the typical residential customer who consumes 800 kWh per month.
According to the OEB, a typical residential electricity customer consumes about two-thirds of their electricity during off-peak hours, and the remaining one-third is divided between mid-peak and on-peak periods.
For customers still being billed under the tiered-pricing structure, changes to those rates will be as follows:
Effective November 1, 2014, two-tiered rates will increase to:
· 8.8¢/kWh for the first 1,000 kWh consumed each month (an increase of 0.2¢); and
· 10.3¢/kWh above that (an increase of 0.2¢).
The Ontario Clean Energy Benefit (OCEB) that accounts for a 10% reduction in your electricity bill for up to the first 3,000 kWh consumed in a month will continue to be credited to your bill.
For a video explaining how electricity prices are determined, please visit the OEB’s YouTube channel.
*NOTE: If you purchase your electricity from an energy retailer, you will continue to pay the rates indicated in your contract.
(Nov 1 – April 30)