Hydro One research shows more than half of Ontarians don't know they have a choice between Time-of-Use and Tiered electricity pricing
While more than 40 per cent could save on their monthly bill, only 3 per cent of Hydro One customers have made the switch
TORONTO, April 29, 2021 /CNW/ - Today, Hydro One is reminding customers that they can choose an electricity pricing plan to match their lifestyle. According to a survey conducted for Hydro One by Innovative Research Group, more than half (52 per cent) of Ontarians surveyed were unaware they can switch from Time-of-Use (TOU) to Tiered pricing. After learning about the choice, about one-third of those surveyed (34 per cent) said they were likely to make the switch.
"As their trusted energy advisor, we want our customers to know they have a choice and we have the insights and tools to help them make the right decision to fit their lifestyle," said Spencer Gill, Vice President, Customer Service, Hydro One. "As a customer-driven organization, we believe we have an important responsibility to offer our customers relief, flexibility and choice."
While only 3 per cent of Hydro One's customers have switched since it became an option in November 2020, customer data shows that 43 per cent – or about 600,000 – would see an average savings of more than $50 per year on the Tiered pricing plan, with some in that group estimated to save more than $130 per year. The analysis also shows that 12 per cent of customers are saving between $10 and $50 per month by staying on the TOU plan. Approximately 45 per cent would see no change to their monthly bill.
Hydro One customers can use the company's online portal and calculator to determine which pricing plan best aligns with their electricity consumption. No action is needed by customers looking to remain on TOU pricing. To make the switch between pricing plans, Hydro One customers can visit www.hydroone.com/customerchoice.
In addition to choosing a pricing plan, customers can access Hydro One's suite of customization options, such as choosing billing due dates, flattening usage spikes from temperature fluctuations through balanced billing, and monitoring electricity consumption by signing up for early high usage notifications. Hydro One remains committed to supporting customers through its Pandemic Relief Program that offers financial assistance and flexible service options.
"We encourage customers who are experiencing financial hardship during this challenging time to give us a call to access our Pandemic Relief Program," said Gill.
Through Hydro One's Connected for Life program, the company has pledged to ensure customers experiencing hardship have electricity while working together with its customer care team to access financial assistance.
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 $30.3 billion in assets as at December 31, 2020, and annual revenues in 2020 of approximately $7.3 billion.
Our team of approximately 8,700 skilled and dedicated employees proudly build and maintain a safe and reliable electricity system which is essential to supporting strong and successful communities. In 2020, Hydro One invested approximately $1.9 billion in its transmission and distribution networks, and supported the economy through buying approximately $1.7 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.
Forward-Looking Statements and Information:
This press release may contain "forward-looking information" within the meaning of applicable securities laws. Words such as "expect," "anticipate," "intend," "attempt," "may," "plan," "will", "can", "believe," "seek," "estimate," and variations of such words and similar expressions are intended to identify such forward-looking information. These statements are not guarantees of future performance or actions and involve assumptions and risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed, implied or forecasted in such forward-looking information. Some of the factors that could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by such forward-looking information, including some of the assumptions used in making such statements, are discussed more fully in Hydro One's filings with the securities regulatory authorities in Canada, which are available on SEDAR at www.sedar.com. Hydro One does not intend, and it disclaims any obligation, to update any forward-looking information, except as required by law.
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SOURCE Hydro One Inc.
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