OEB Announces Changes to Electricity Prices Across the Province

Marketwired.com
April 29, 2016

On April 14, 2016, the Ontario Energy Board (OEB) announced new time-of-use (TOU) electricity prices for households and small businesses effective May 1, 2016. The OEB has indicated that the price is increasing by approximately $3.13 per month on the "Electricity" line, and about 2.5% on the total bill, for a household that consumes 750 kWh per month.

Summer Regulated Price Plan TOU pricing effective May 1 - October 31, 2016

DAY OF THE WEEK		TIME OF DAY		TOU PERIOD		TOU PRICE
Weekends & Holidays:		All day		Off-peak		$0.087 per kWh
Weekdays:		7:00 a.m. to 11:00 a.m.		Mid-peak		$0.132 per kWh
		11:00 a.m. to 5:00 p.m.		On-peak		$0.180 per kWh
		5:00 p.m. to 7:00 p.m.		Mid-peak		$0.132 per kWh
		7:00 p.m. to 7:00 a.m.		Off-peak		$0.087 per kWh

This pricing adjustment coincides with the seasonal change of the TOU price periods for mid-peak and on-peak consumption during the summer months. There is no change to the off-peak consumption periods which are available to customers throughout the year on weekends, statutory holidays and on weekdays from 7 p.m. to 7 a.m.

The ratio between on and off-peak prices is more than 2:1 meaning that the off-peak price is less than half the cost of the on-peak. In other words, those customers who shift electricity use to evenings and weekends will see a reward for doing so.

Residential and small business customers who purchase their electricity from an energy retailer will continue to pay the prices and global adjustment charges as outlined under the terms and conditions of their respective contracts. Business customers, classified as greater than 50 kW demand, will continue to pay the hourly spot market electricity price.

The OEB reviews electricity prices twice each year based on updated cost forecasts from the Independent Electricity System Operator and prices are designed to recover the actual cost of electricity over the forecast period.

ABOUT POWERSTREAM

PowerStream is a community-owned energy company that provides power and related services to more than 375,000 customers residing or owning a business in communities located immediately north of Toronto and in Central Ontario. It is jointly owned by the Cities of Barrie, Markham and Vaughan.

ABOUT THE OEB

The Ontario Energy Board is an independent and impartial public regulatory agency. They make decisions that serve the public interest. Their goal is to promote a sustainable and efficient energy sector that provides consumers with reliable energy services at a reasonable cost.