74 per cent of Ontarians find having choice
between electricity pricing plans useful
TORONTO, Sept. 20,
2023 /CNW/ - Today, Hydro One announced that
customers have even more choice and flexibility when it comes to
how they are billed for electricity with the company's launch of
the Ontario Energy Board's new Ultra-Low Overnight Electricity
Price Plan. A new survey, conducted by Innovative Research Group,
shows that 74 per cent of Ontarians find having choice between
electricity pricing plans useful.
"As their trusted energy advisor, we want our customers to know
we have the insights and tools to help them make the right choice
when it comes to their electricity plans," said Teri French, Executive Vice President, Safety,
Operations and Customer Experience. "We know that choice and
flexibility are important to our customers, and we are proud to now
offer them a third option so they can select the plan that best
fits their lifestyle."
The same survey revealed that fewer than half of Ontarians are
familiar with either tiered or the new ultra-low overnight price
plans. To better support its customers Hydro One is providing an
online calculator to help them choose which pricing plan best
suits their lifestyle. The company also offers additional
flexibility and assistance in managing household budgets by
providing customers with the ability to choose their billing due
date and flatten usage spikes from temperature fluctuations through
balanced billing.
"By offering families and small businesses more choice, we are
putting them back in control of their energy bills," said
Todd Smith, Minister of Energy.
"Starting today Hydro One customers have a new option - the
Ultra-Low Electricity Price Plan - which could help them save
money each year, while making our province's grid more
efficient."
Electricity price plan options
- New Ultra-Low Overnight price plan (ULO): Designed for
customers who use more electricity at night, such as those who
charge their electric vehicle, this new price plan can help
customers keep costs down and take control of their electricity
bill by shifting usage to the ultra-low overnight price period when
province-wide electricity demand is lower.
- This plan has four price periods that are the same in the
summer as they are in the winter and includes an ultra-low
overnight rate.
- Time-of-Use price plan (TOU): TOU provides customers with more
control over their electricity bill by adjusting their usage
habits. This plan has three periods: on-peak, when energy demand
and cost is high, mid-peak, when energy demand and cost is
moderate, and off-peak, when energy demand and cost is low.
- In this plan, electricity prices change throughout each
weekday, when demand is on-peak.
- Tiered price plan (RPP): Tiered pricing provides customers with
the flexibility to use electricity at any time of day at the same
low price up until the threshold is exceeded during the month,
after that usage is charged at a higher price.
- For residential customers, the winter period (November 1 – April
30) threshold is 1,000 kWh per month and the summer period
(May 1 – October 31) threshold is 600 kWh per month. For
small business customers, the threshold is 750 kWh throughout the
year.
For more information, please visit www.HydroOne.com/ULO.
Hydro One Limited (TSX:
H)
Hydro One Limited, through its wholly-owned subsidiaries,
is Ontario's largest electricity transmission and
distribution provider with approximately 1.5 million valued
customers, approximately $31.5 billion in assets as of
December 31, 2022, and annual
revenues in 2022 of approximately $7.8 billion.
Our team of approximately 9,300 skilled and dedicated employees
proudly build and maintain a safe and reliable electricity system
which is essential to supporting strong and successful communities.
In 2022, Hydro One invested approximately $2.1 billion in
its transmission and distribution networks, and supported the
economy through buying approximately $1.9 billion of
goods and services.
We are committed to the communities where we live and work
through community investment, sustainability and diversity
initiatives. We are designated as a Sustainable Electricity Leader™
by Electricity Canada.
Hydro One Limited's common shares are listed on the TSX and
certain of Hydro One Inc.'s medium term notes are listed on the
NYSE. Additional information can be accessed
at www.hydroone.com, www.sedarplus.com
or www.sec.gov.
SOURCE Hydro One Inc.