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Electricity prices dropping for households and small businesses effective May 1

by pmnationtalk on April 21, 2017112 Views

April 20, 2017

Every six months, the OEB estimates how much it will cost to supply electricity to residential and small business customers on the Regulated Price Plan (RPP), and sets prices to recover these costs over time.

Starting in May 2017, the total bill for a typical residential customer who uses 750 kWh per month will be about $127, which is about $26 or 17% lower than it would have been without the following rate mitigation:

  • the 8% rebate, equivalent to the provincial portion of the HST, that has been in place since January 1, 2017;
  • the OEB’s decision to remove the charge that funds the cost of the Ontario Electricity Support Program (OESP), effective May 1, 2017.  The OESP will continue to be available to help eligible low-income customers reduce their electricity bills; and
  • a portion of the bill reduction announced in the government’s proposed Ontario Fair Hydro Plan.

The table below shows three sets of prices: the existing time-of-use (TOU) prices for RPP customers; what those TOU prices would have been on May 1, 2017 without consideration of the proposed Fair Hydro Plan; and the TOU prices as set by the OEB to start on May 1, 2017, which take into account a portion of the bill reduction announced in the proposed Fair Hydro Plan.

TOU Price Periods Existing TOU Prices Forecast TOU Prices without consideration of the proposed Fair Hydro Plan May 1, 2017 TOU Prices including a portion of the proposed Fair Hydro Plan
Off-Peak 8.7¢/kWh 9.1¢/kWh 7.7 ¢/kWh
Mid-Peak 13.2 ¢/kWh 13.3 ¢/kWh 11.3 ¢/kWh
On-Peak 18.0 ¢/kWh 18.5 ¢/kWh 15.7 ¢/kWh

The table below shows the same sets of prices for RPP customers who pay tiered prices.

Price Tiers Existing Tiered Prices Forecast  Tiered Prices without consideration of the proposed Fair Hydro Plan May 1, 2017 Tiered Prices including a portion of the proposed Fair Hydro Plan
Tier 1 10.3 ¢/kWh 10.7 ¢/kWh 9.1 ¢/kWh
Tier 2 12.1 ¢/kWh 12.5 ¢/kWh 10.6 ¢/kWh

The government has indicated that it intends to introduce legislation that, if passed, would implement the proposed Fair Hydro Plan starting this summer. The OEB will then further adjust RPP prices as needed so that RPP customers receive the full rate relief as legislated.

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