New electricity prices for households and small businesses, effective November 1, 2023
The Ontario Energy Board (OEB) announced on Thursday, October 19, 2023, that the electricity prices for households and small businesses will change as of November 1, 2023, under the Regulated Price Plan (RPP).
At this time the new electricity prices take effect for customers on the Time-of-Use (TOU), Ultra-Low Overnight (ULO), and Tiered price plans. Winter hours and Tiered thresholds will also take effect, as usual. The ULO hours remain consistent year-round.
The Ontario Electricity Rebate is Increasing Too!
Please note that the Ontario government’s Ontario Electricity Rebate (OER) will increase to 19.3%. The OER provides a rebate on the electricity bill of residential, small business and farm customers. For a typical residential customer who uses 700 kWh of electricity per month, the RPP rate change offset by an increase to the OER credit will increase the total bill by $2.99 or 2.5% due to the adjustment to commodity prices.
Time-of-Use Pricing:
Winter TOU Price Periods
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November 1, 2023 TOU Prices
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Off-Peak
(Weekdays 7 p.m. – 7 a.m., all day weekends and holidays)
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8.7 ¢/kWh
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Mid-Peak
(Weekdays 11 a.m. – 5 p.m.)
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12.2 ¢/kWh
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On-Peak
(Weekdays 7 a.m. – 11 a.m. and 5 p.m. – 7 p.m.)
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18.2 ¢/kWh
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Tiered Pricing:
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Winter Tiered Thresholds
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November 1, 2023 Tiered Prices
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Tier 1
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Residential – first 1,000 kWh/month
Non-residential – first 750 kWh/month
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10.3 ¢/kWh
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Tier 2
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Residential – for electricity used above 1,000 kWh/month
Non-residential – for electricity used above 750 kWh/month
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12.5 ¢/kWh
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Ultra-Low Overnight Pricing:
Winter ULO Price Periods
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November 1, 2023 ULO Prices
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ULO Weekend Off-Peak
(Weekends 7 a.m. - 11 p.m.)
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8.7 ¢/kWh
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ULO Mid-Peak
(Weekdays 7 a.m. – 4 p.m. and 9 p.m. – 11 p.m.)
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12.2 ¢/kWh
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ULO On-Peak
(Weekdays 4 p.m. – 9 p.m.)
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28.6 ¢/kWh
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ULO Overnight
(Weekdays, weekends, and holidays 11 p.m. – 7 a.m.)
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2.8 ¢/kWh
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Tiered Thresholds
In the winter period (November 1 – April 30), the Tier threshold for residential customers is 1,000 kWh, so that households can use more power at the lower price, while during the summer period (May 1 – October 31), the Tier threshold for residential customers is 600 kWh. For small business customers, the Tier threshold is 750 kWh all year round.
The Regulated Price Plan (RPP)
The OEB typically sets TOU, Tiered, and ULO prices once a year, for November 1, based on an estimate of how much it will cost to supply residential and small business customers on the Regulated Price Plan with the electricity that they are expected to use. The first ULO prices were set for May 1, 2023, and are now being reset for November 1, 2023.
To learn more about electricity rates and Time-of-Use, Tiered, and Ultra-Low Overnight pricing on the OEB’s website, visit:
https://www.oeb.ca/rates-and-your-bill/electricity-rates