Mississauga, ON — The Ontario Energy Board (OEB) announced its latest rate increases for Ontario electricity consumers. These increases set a new high for regulated electricity prices in Ontario. On May 1, 2013 Smart Meter prices will increase to:
- Off-peak — an additional 0.4 cents to 6.7 ¢/kWh
- Mid-peak — an additional 0.5 cents to 10.4 ¢/kWh
- Peak — an additional 0.6 cents to 12.4¢/kWh.
This 5% increase in electricity prices will be in effect through the summer until November 1, 2013.
About 10% of consumers in Ontario do not pay Smart Meter rates. For those people the monthly cost of electricity increases as follows:
- up to 600 kWh — an additional 0.4 cents to 7.8¢/kWh
- over 600 kWh — an additional 0.4 ¢/kWh to 9.1 ¢/kWh.
Another 10% of Ontario consumers have contracts with Electricity Retailers such as Summitt Energy . For these consumers, electricity rates will not change.
The OEB suggests the rate increases include estimates for an increase in energy costs associated with renewable energy sources, hydroelectric and nuclear. They note a decrease in coal generation costs.
Retail Energy companies such as Summitt Energy offer fixed price term contracts that allow customers to secure electricity rates and avoid the volatility of twice-yearly price reviews and changes. Summitt Energy’s existing customers are not affected by this price increase.
About Summitt Energy (www.summitt.ca):
Established in 2006, Summitt Energy is a leading retail energy marketer that provides natural gas and electricity services to homes and businesses across Canada. Summitt Energy specializes in energy price protection programs, furnace & air conditioner rentals, green power initiatives, water-heater maintenance and rental programs.