TORONTO, Oct. 16, 2014 /CNW/ – Today the Ontario Energy Board announced new electricity prices. The new prices will apply to most households and small businesses starting November 1.
When the prices change, the hours for mid-peak and on-peak prices also change to the winter time-of-use hours. The lowest-priced, off-peak period remains from 7 p.m. to 7 a.m. on weekdays and all day weekends and holidays.
This chart outlines time-of-use prices and the times they are effective as of November 1, 2014:
|Category||Time(s) – Winter(Nov 1-Apr 30)||Price||Change|
|Off-peak||Weekdays 7pm-7amAll day weekends and holidays||7.7 ¢/kWh||(⇑0.2 cents)|
|Mid-peak||Weekdays 11am-5pm||11.4 ¢/kWh||(⇑0.2 cents)|
|On-Peak||Weekdays 7am-11am and 5pm-7pm||14.0 ¢/kWh||(⇑0.5 cents)|
The price for consumers is increasing by approximately $2.03 per month on the “Electricity” line, and about 1.7% on the total bill, for a household with a typical consumption pattern and using 800 kWh per month.
The forecast includes an estimate for increases in the cost of power from rate-regulated nuclear and hydroelectric power plants.
The Ontario Energy Board reviews electricity prices twice each year based on updated cost estimates. This is intended to help smooth changes in prices over time.
- Time-of-use prices vary based on when electricity is being used. They encourage consumers to use electricity during lower-cost times.
- Most Ontario households use about two-thirds of their power during off-peak hours.
- These price changes only affect households and small businesses who buy their electricity from their local utility.
The Ontario Energy Board is an independent and impartial public agency. We make decisions that serve the public interest. Our goal is to promote a sustainable and efficient energy sector that provides consumers with reliable energy services at a reasonable cost.
For more information, please refer to the backgrounder below, visit the OEB website at www.ontarioenergyboard.ca or contact us directly.