The Ontario Energy Board (OEB) has announced it will defer setting new electricity prices for homes and small businesses under the Regulated Price Plan (RPP).
Further, the OEB will continue to observe the winter time-of-use periods and winter residential tier threshold beyond May 1, to allow for greater price stability for customers–particularly those who have been staying home longer than normal due to the pandemic.
Normally, the OEB sets new RPP prices in May and November based on estimates regarding how much it will cost to supply customers with the electricity they are expected to use.
However, due to these unprecedented times, the OEB has been unable to accurately and fairly determine RPP rates.
So far, the OEB hasn’t yet announced it will be deferring November rate adjustments–they could still happen if warranted.
On March 24, the Province mandated time-of-use electricity prices remain at off-peak rates for the entire day.
This means rates will remain at 10.1 ¢/kWh, as opposed to 14.4 ¢/kWh during mid-peak hours–from 11 a.m. to 5 p.m.–and 20.8 ¢/kWh during on-peak hours–from 5 p.m. to 7 p.m.