TORONTO - The provincial government is ratcheting up electricity rates, while keeping them fixed below mid-peak levels, beginning June 1. Energy Minister Greg Rickford announced the change in a press release on Saturday.
The government suspended time-of-use billing on March 24 in response to the COVID-19 pandemic, fixing the price at its off-peak rate of 10.1 cents per kilowatt hour at all times.
As of Monday, that fixed rate will increase to 12.8 cents per kilowatt hour, a change that will last at least until Oct. 31. Referred to as the COVID-19 Recover Rate, it is based on the average cost of electricity set by the Ontario Energy Board, the government said.
Despite the increase, it still comes in beneath Ontario's usual mid-peak rate of 14.4 cents per kilowatt hour, and well below high-peak rates that top 20 cents.
The government said rate relief, which is also available to farms and small businesses, had cost the province about $175 million so far.
