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Electricity rates change on November 1

By Randy Thoms Oct 24, 2023 | 1:25 PM

Tonyglen14 / CC

A change in electricity rates will take effect on November 1.

The price changes impact customers on Time-of-Use and Tiered pricing plans.

Time-of-use customers will see the off-peak rate increase from 7.4 cents per kilowatt hour to 8.7 cents/khr.

The high peak rates increased by over 3 cents to 18.2 cents/kwh.

A new ultra-low rate, introduced earlier this year, increases to 2.8 cents/kwh from $2.4.

Courtesy Ontario Energy Board

Rates for hydro users on tiered pricing plans also change, but the threshold for the lowest rate is also increased.

The increases may not necessarily mean higher electricity costs.

The Ontario Energy Board says a change in the Ontario Electricity Rebate could result in savings for hydro users.

The rebate will increase to 19.3 per cent and also takes effect on November 1.

The OEB says a typical residential customer who uses 700 kilowatt hours of electricity per month will save about $26 each month.