OEB Increasing Electricity Prices for Ontario Consumers on May 1st

VAUGHAN, ON--(Marketwired - April 27, 2015) - The Ontario Energy Board (OEB) recently announced new electricity prices for all residential and small business customers in Ontario effective May 1, 2015.

The new electricity prices set by the OEB for customers on Time-of-Use (TOU) Pricing are as follows:

• Off-peak (7 p.m. to 7 a.m. weekdays; all day weekends and statutory holidays) = 8.0¢/kWh (an increase of 0.3¢);
• Mid-peak (7 a.m. to 11 a.m. and 5 p.m. to 7 p.m. weekdays) = 12.2¢/kWh (an increase of 0.8¢); 
• On-peak (11 a.m. to 5 p.m. weekdays) = 16.1¢/kWh (an increase of 2.1¢).

Electricity prices for customers who remain on the Tiered Pricing system will be as follows:

• 9.4¢/kWh for the first 600 kWh (residential only) consumed each month (an increase of 0.6¢);
• 11.0¢/kWh for everything over 600 kWh/month (an increase of 0.7¢).

Note: The monthly consumption threshold for small businesses remains at 750 kWh/month all year.  

The average Ontario residential customer who uses 800 kWh of electricity per month will see an approximate increase of $5.71 per month on the 'Electricity' line of their bill based on these new prices.

The OEB is also increasing the difference between on- and off-peak prices from a ratio of 1.8:1 to 2:1. This ratio shift was recommended by Ontario's Environmental Commissioner to encourage consumers to shift their electricity use behaviour. Customers who shift electricity usage to evenings and weekends will see a greater reward for doing so, because the new off-peak price is now half the cost of the on-peak price. 

PowerStream is reminding customers to use electricity during lower-cost time periods and to conserve energy wherever possible. Shifting the use of appliances such as dishwashers, washers and dryers from on-peak price periods, especially during the summer months when air conditioners are in use, to mid- and off-peak periods will reduce the strain on the provincial power system, benefit the environment and lower electricity bills. For energy conservation tips visit www.PowerStream.ca.

BACKGROUND

• The OEB reviews prices for households and small businesses twice each year, on May 1 and November 1. The price changes only affect households and small businesses who buy electricity from their local utility.
• Customers who purchase their electricity from an energy retailer will continue to pay electricity rates and charges in accordance with their retail contracts.
• 'Electricity' costs make up more than half the total of an average household bill. These costs are shown as one of five line items found on customer bills -- the 'Electricity' line; the others are 'Delivery', 'Regulatory Charges', 'Debt Retirement' and the 'Ontario Clean Energy Benefit'.

ABOUT POWERSTREAM

PowerStream is a community-owned energy company providing 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.

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