Ontario Energy Board says hydro rates set to increase on Nov. 1

Hydro rates for households and small businesses are set to increase next week, according to the Ontario Energy Board (OEB).

The agency says rates will be going up by about $1.99 or 1.8 per cent for a typical residential customer who uses 700 kilowatt-hours per month.

The total bill impact for individual customers across the province may vary depending on the customer’s electricity usage and the utility that serves them.

The OEB says the rates will take effect on Nov. 1 and are “in-line” with inflation.

It says the increase is due in part to a cost increase related to the refurbishment of nuclear facilities and new generation facilities.

Earlier this year, the Ontario government said it would continue to subsidize hydro rates and hold any increases to the rate of inflation.