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OEB says hydro prices are going down

There’s some good news for your wallet for a change.

The Ontario Energy Board says hydro bills for households and small businesses will be going down next month. The OEB announced the winter Time-of-Use hours and changed the threshold for residential customers on Tiered pricing – effective November 1st.

For Time-of-Use, the off-peak rate drops 0.8 cents per kilowatt hour compared to the rates set in November last year. Mid-peak is down 1.1 cents per kilowatt hour and the on-peak rate is down 1.9 cents per kilowatt hour.

The Tiered pricing drops just over a penny per kilowatt hour for both tiers. The OEB also announced the province’s Ontario Electricity Rebate, a pre-tax credit, will be changed to 11.7 %. For a typical residential customer using 700 kWh of electricity per month, the rebate would reduce the bill by $13.91 each month.

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Winter Time-of-Use prices (Effective Nov. 1, 2022)

Off-Peak (Weekdays 7 pm-7 am, weekends and holidays) – 7.4 cents/kWh

Mid-Peak (Weekdays 11 am-5 pm) – 10.2 cents/kWh

On-Peak (Weekdays 7 am-11 am and 5 pm-7 pm) – 15.1 cents/kWh

Winter Tier Thresholds/Prices (Effective Nov. 1, 2022)

Tier 1 – 8.7 cents/kWh

  • Residential (first 1,000 kWh/month)
  • Non-residential (first 750 kWh/month)

Tier 2 – 10.3 cents/kWh

  • Residential (electricity used above 1,000 kWh/month)
  • Non-residential (electricity used above 750 kWh/month)

***With files from Richard Coffin

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