Well just in time for air conditioning season, The Ontario Energy Board has announced that electricity prices for Ontario customers are going up (again).
The new and not so improved time-of-use pricing will increase the peak rate to 16.1 cents kWh from 14 cents kWh, effective May 1 and overall it is estimated an average home will see about a 4.6% increase in their monthly bill.
Mid-peak rates will similarly jump to 12.2 cents kWh from 11.4 cents kWh.and for those of you who need to used your power during the work day BEWARE. Peak hours of usage (Monday to Friday 11-5 pm) will more than double in cost. (Hello clothesline, goodbye air conditioner)
Remember these increases only reflect averages as well which means you could get hit even harder that it sounds. How hard do we get hit by hydro in Ontario? Very. We are only behind PEI in high prices.
Planning to conserve is one option that you need to consider because we all need power. Here is the price list for summer hours starting May 1, 2015.
What are the reasons for the hike in pirces? Increased costs from Ontario Power Generation’s (OPG) nuclear and hydro-electric power plants and costs from new generation sources are another driver.
Here’s a little video put out by the OEB to fill you in on time of use pricing…
In other hydro news, The Debt Retirement Charge will finally be eliminated from your bill come May 1… but don’t start the party yet. The Ontario Clean Energy Benefit that cut your bill by 10% will also get the boot just to make sure there is no extra change in your pocket.
How will you cope with the new prices? Conservation methods, time of usages , etc? Comments welcome!
SOURCES: Ontario Energy Board, YouTube
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