Price of electricity goes up Nov. 1st

Electricity prices officially rose again on Sunday, and the rate hike is expected to push up the average household hydro bill by 3.4 per cent.

As of Sunday:

The price for off-peak hours goes up 0.3 cents to 8.3 cents/kWh.
The price for mid-peak hours goes up 0.6 cents to 12.8 cents/kWh.
The price for on-peak hours goes up 1.4 cents to 17.5 cents/kWh.

In addition to the rate hike, the hours for mid-peak and on-peak prices also change to winter “time-of-use” hours. From Nov. 1 to April 30, weekdays between 11 a.m. and 5 p.m. are considered mid-peak hours, and weekdays between 7 a.m. and 11 a.m. and from 5 p.m. to 7 p.m. are on-peak hours.

Sunday’s rate hike means that the on-peak price of electricity has jumped 77 per cent since Smart Meters became common five years ago. In November 2010, the price was 9.9 cents/kWh.

In 2010, the average monthly bill was about $100 per month. The typical household will have to pay about $31 more per month this year.

Consumers won’t get any happier in the new year, either. Their bills will go up again on Jan. 1, when the 10 per cent discount known as the Clean Energy Benefit will end.

Further rate hikes are also expected in the coming years. The provincial government forecasts that hydro bills will hit more than $190 per month in a little over six years.