Hydro One applauds Ontario government for offering off-peak pricing during pandemic; promises to continue advocating for greater choice, flexibility and relief
Hydro One research shows nearly three out of four Ontario electricity customers support relief from peak pricing
TORONTO, March 24, 2020 /CNW/ - Hydro One announced it is ready to apply temporary electricity relief rates introduced by the Ontario government earlier today. The government's plan will temporarily reduce Time-of-Use (TOU) pricing to an off-peak flat rate to lighten the burden on people who are staying at home to slow the spread of COVID-19.
While Hydro One is regulated to adhere to TOU pricing, the company had been working with the industry and government to offer customers relief during this difficult time. In a recent survey of 2,000 Ontario electricity customers, 72 per cent said they want relief from high on-peak pricing during the current situation. The survey, conducted for Hydro One by Innovative Research Group, is part of Hydro One's commitment to advocate for customers.
"With an unprecedented number of people staying home to prevent the spread of COVID-19, we believe people should be focused on keeping their family safe and not on what time of day they should do laundry or wash dishes," said Mark Poweska, President and CEO, Hydro One. "We applaud the Ontario government for moving quickly to offer relief to our customers and we will continue to advocate on behalf of our customers for greater choice, flexibility and relief."
For the next 45 days, customers will automatically pay a flat rate of 10.1 cents per kWh. This is expected to reduce the monthly bill of a typical Hydro One residential customer by about 15 per cent during this period. This change does not require customers to take any action. More details are available at HydroOne.com/RateRelief.
"We are here to help our customers through this," said Poweska. "No customer will be disconnected and our Pandemic Relief Fund will help people who are struggling during this challenging and uncertain time."
Hydro One's recently announced Pandemic Relief Fund offers increased payment flexibility and financial assistance to customers experiencing financial hardship as a result of COVID-19. More information about Hydro One's Pandemic Relief Fund can be found at www.HydroOne.com/ReliefFund.
Since the COVID-19 outbreak began, Hydro One has taken actions to ensure Ontario has reliable power while keeping our employees, customers and the public safe.
"Families, communities, hospitals, grocery stores and other essential services need us now more than ever," said Poweska. "We are focused on the most essential work to keep the power on and postponing non-critical work to protect employees, customers and communities from being exposed to the virus."
Hydro One Limited (TSX: H)
Hydro One Limited, through its wholly-owned subsidiaries, is Ontario's largest electricity transmission and distribution provider with approximately 1.4 million valued customers, approximately $27.1 billion in assets as at December 31, 2019, and annual revenues in 2019 of approximately $6.5 billion. Our team of approximately 8,800 skilled and dedicated employees proudly build and maintain a safe and reliable electricity system which is essential to supporting strong and successful communities. In 2019, Hydro One invested approximately $1.7 billion in its transmission and distribution networks and supported the economy through buying approximately $1.5 billion of goods and services. We are committed to the communities where we live and work through community investment, sustainability and diversity initiatives. We are designated as a Sustainable Electricity Company by the Canadian Electricity Association. Hydro One Limited's common shares are listed on the TSX and certain of Hydro One Inc.'s medium term notes are listed on the NYSE. Additional information can be accessed at www.hydroone.com; www.sedar.com or www.sec.gov.
SOURCE Hydro One Inc.
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