TORONTO, April 16, 2014 /CNW/ - Today the Ontario Energy Board announced new electricity prices. The new prices will apply to most households and small businesses starting May 1.
When the prices change, the hours for mid-peak and on-peak prices also change to the summer 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 May 1, 2014:
| Category | Time(s) - Summer (May 1-Oct. 31) |
Price | Change |
| Off-peak | Weekdays 7pm-7am All day weekends and holidays |
7.5 ¢/kWh | (⇑0.3 cents) |
| Mid-peak | Weekdays 7-11am and 5-7pm |
11.2 ¢/kWh | (⇑0.3 cents) |
| On-Peak | Weekdays 11am-5pm | 13.5 ¢/kWh | (⇑0.6 cents) |
The price for consumers is increasing by approximately $2.83 per month on the "Electricity" line, or about 2.4% on the total bill, for a household with a typical consumption pattern of 800 kWh per month.
The Ontario Energy Board reviews electricity prices twice each year based on updated cost estimates.
The market price of natural gas has risen during the long winter. The impact of forecast higher gas prices is cushioned due to previously signed contracts with natural gas and other generators.
The forecast for higher costs includes more generation in the next 12 months from sources including renewables.
Quick facts
- 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 (64%) 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.
Contact us
For more information, please refer to the attached backgrounder, visit the OEB website at www.ontarioenergyboard.ca or contact us directly.
With links to
Graphic of Time-of-Use Price chart:
http://www.ontarioenergyboard.ca/OEB/_Documents/For+Consumers/TOU_prices_Summer.pdf
Electricity Prices Explained video:
http://youtu.be/zVdm5BI4gU8
Time-of-use video:
http://www.youtube.com/watch?feature=player_embedded&v=bJ04SSArI6c
Backgrounder:
http://www.ontarioenergyboard.ca/oeb/_Documents/Press Releases/bg_RPP_TOU_20140416.pdf
SOURCE: Ontario Energy Board
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