The cost of hydro is slated to rise on Sunday, May 1st by 2.5% on homes across the province.
That means your bill will now be increased by an average of $3.13. for households that consume an average of 750 kWh.
New time of use rates are being implemented because Ontarians used less electricity than expected during the winter.
- Prices for off-peak hours (weekdays: 7 p.m.-7 a.m.) will go up 0.4 cents to 8.7 cents/kWh.
- Prices for mid-peak hours (weekdays: 7-11 a.m. and 5-7 p.m.) will go up 0.4 cents to 13.2 cents/kWh.
- Prices for on-peak hours (weekdays: 11 a.m.-5 p.m.) will go up 0.5 cents to 18 cents/kWh.
Time of use prices are set to recover a forecast cost of power as well as account for differences that build up over time between forecast and actual costs of electricity.
No reason has been given as to why the cost of hydro is going up, but the Ontario Energy Board says that the usage of power over the warm winter was lower and that the Regulated Price Plan didn’t reclaim the adequate amount of charges.