New electricity prices for households and small businesses, effective November 1, 2024
UPDATED NOVEMBER 1, 2024
The Ontario Energy Board (OEB) announced on Friday, October 18, 2024, that the electricity prices for households and small businesses will change as of November 1, 2024, 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. The TOU Winter hours and Tiered thresholds will also take effect, as usual. The ULO hours remain consistent year-round.
Please note that the Ontario government’s Ontario Electricity Rebate (OER) has also now changed to 13.1%. The OER provides a rebate on the electricity bill subtotal for residential, small business, and farm customers. For a typical residential customer who uses 700 kWh of electricity per month, the OER will decrease bills by about $17 each month.
Time-of-Use Pricing:
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Winter TOU Price Periods
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November 1, 2024 TOU Prices
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Off-Peak
(Weekdays 7 p.m. – 7 a.m., all day weekends and holidays)
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7.6 ¢/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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15.8 ¢/kWh
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Tiered Pricing:
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Winter Tiered Thresholds
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November 1, 2024 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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9.3 ¢/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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11.0 ¢/kWh
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Ultra-Low Overnight Pricing:
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Winter ULO Price Periods
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November 1, 2024 ULO Prices
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ULO Weekend Off-Peak
(Weekends and holidays 7 a.m. - 11 p.m.)
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7.6 ¢/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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28.4 ¢/kWh
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ULO Ultra-Low Overnight
(Every day 11 p.m. – 7 a.m.)
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2.8 ¢/kWh
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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 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 RPP with the electricity that they are expected to use.
To learn more about electricity rates and Time-of-Use, Tiered, and Ultra-Low Overnight pricing on the OEB’s website at: https://www.oeb.ca/rates-and-your-bill/electricity-rates