Today the Ontario Energy Board announced new electricity prices. The new prices will apply to most households and small businesses starting November 1st.
The electricity prices will increase by a half-cent per kWh for all Time-of-Use levels. The new rates will be 7.2 cents per kWh for off-peak times; 10.9 cents per kWh for mid-peak times and 12.9 cents per kWh for on-peak times. Off-peak times include evenings and weekends. Mid- and on-peak times occur during weekdays between 7am and 7pm. For more information on Time-of-Use billing, please click on the following link: TOU billing
The price change for consumers represents an increase of approximately $4.00 on the "Electricity" line, or about 3% on the total monthly bill, for a household with a typical consumption pattern that uses 800 kWh per month.
The Ontario Energy Board reviews electricity prices twice each year based on updated cost estimates. Their cost estimates for the coming year increased due to more expected generation from more costly sources including renewables along with higher market prices for natural gas.