Ontario set to temporarily reduce hydro rates: source

TORONTO — A senior Ontario government source says the premier will announce today that hydro rates will be temporarily lowered as many people work from home during the COVID-19 pandemic.

The source, who wasn’t authorized to discuss the announcement publicly, says it will be done by moving all of the current time-of-use pricing to off-peak rates.

As first reported by the Globe and Mail, it’s expected families will save more than $20 per month, small businesses will save $150 and farms will save more than $300.

The new pricing structure will be in place for 45 days.

The source says the move will cost about $162 million.

Ontario has ordered the closure of all non-essential businesses in the province starting tonight.

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This report by The Canadian Press was first published March 24, 2020.

The Canadian Press