Ontario Lowers Electricity Prices for All Condos on Regulated Rates
The Ontario government recently announced they would provide 21 days of electricity-rate relief starting tomorrow, January 18th, 2022.
Crossbridge’s energy manager explains how this rate relief applies across the different price plans available to condominiums:
- Buildings on the regulated Time-of-Use rates will be charged the “off-peak” rate of 8.2 cents per kWh for the entire day. This is less than half of the “on-peak” rate of 17 cents per kWh.
- Buildings on the regulated Two-Tiered rates will also be charged 8.2 cents per kWh for both 1st and 2nd tier.
- Buildings on the unregulated (or market) Hourly + Global Adjustment rates are not eligible for this rate relief. That said, these customers were benefitting from unusually low market rates for electricity the last few months, so the government likely saw there was no need to reduce rates further for this class of customers.
The new rates will apply automatically (if applicable). Dollar savings will depend on how the building is metered, and the profile of consumption for each building.
Rate relief being provided to Two-Tiered customers is excellent news. Two-Tiered buildings were overlooked when rate relief was provided last time - Crossbridge helped the authorities understand the issue at the time, which lead to a solution and thankfully, the oversight was not repeated this time around.