The Ontario Energy Board has announced that it is decreasing electricity prices for households and small businesses for the second time in 2017. Starting July 1, all time-of-use periods will be reduced. This means that the bill for a typical residential customer who uses 750 kWh per month will be about $121. These new prices are about 25% lower than they would have been without the mitigations under the Fair Hydro Act, 2017.
The image below outlines the new prices effective July 1, 2017. Summer hours will remain in effect until October 31, 2017.
Starting July 1st, off-peak pricing will decrease to 6.5 cents per kilowatt-hour (kWh) and will remain daily from 7:00 p.m. to 7:00 a.m. and all day Saturdays, Sundays, and statutory holidays. Mid-peak pricing will decrease to 9.5 cents per kWh and run from 7:00 a.m. to 11:00 a.m. and again 5:00 p.m. to 7:00 p.m. Monday through Friday. On-peak pricing will decrease to 13.2 cents per kWh and run from 11:00 a.m. to 5:00 p.m. Monday through Friday.
About Time of Use Rates
Time of Use (TOU) rates tie electricity prices to the level of demand on the system. When the demand and cost of producing electricity are highest, an “on-peak” rate will apply. At times when demand and production costs are lower, rates will also be lower.
A smart meter tracks the amount of electricity a customer uses. It also tracks the time of day and the day of the week that a customer uses electricity. Under TOU rates, the utility (such as Erie Thames Powerlines) uses the information received from your smart meter to calculate the bill based on when you use electricity.
For detailed information on current TOU pricing and the recent price change, visit the Ontario Energy Board‘s website. Erie Thames Powerlines customers can reach customer service at 1-877-850-3128.