Province introducing fixed electricity price to assist residents during COVID-19
As many Ontarians continue to work or further their education from home, the province says it’s extending the suspension of time-of-use electricity pricing to make electricity bills more predictable.
To do so, the government is introducing a fixed electricity price of 12.8 cents per kWh, referred to as the “COVID-19 Recovery Rate.”
This fixed rate is set to be in place from June 1 to October 31 and will be automatically applied to all time-of-use customers for 24 hours a day, 7 days a week.
The news was announced today by Greg Rickford, Minister of Energy, Northern Development and Mines.
“Since March 24, 2020, we have invested just over $175 million to deliver emergency rate relief to residential, farm and small business electricity consumers by suspending time-of-use (TOU) electricity pricing,” Rickford said.
“This investment was made to protect the people of Ontario from a marked increase in electricity rates as they did their part by staying home to prevent the further spread of the virus.”
The COVID-19 Recovery Rate is based on the average cost of electricity, set by the Ontario Energy Board, according to the province.
More information on this fixed rate is expected during Premier Doug Ford’s daily briefing on Monday, June 1.
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