The temporary fixed hydro rate for Ontario consumers is going up, and will be extended to the end of October.
In response to COVID-19 and everyone staying home, the province suspended Time Of Use rates on March 24th, and introduced a 10.1 cent rate for everyone to the end of May, regardless of time of day or night power is used.
Energy Minister Greg Rickford says the new rate, called the COVID-19 Recovery Rate of 12.8 cents, will start June 1st. It is based on the average cost of electricity, as set out by the Ontario Energy Board.
He adds the government has invested over $175-million to help customers save on Time of Use rates, which on November 1st last year was 10.1 cents during off-peak, 14.4 cents at mid-peak and 20.8 cents for on-peak. On May 1st, of last year, each of those three rates were roughly 5 cents cheaper.
Premier Doug Ford will talk more about the COVID-19 Recovery Rate during his Monday afternoon press briefing at 1 o’clock.
