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New ultra-low overnight electricity price plan

Clint Patterson on Unsplash
Clint Patterson on Unsplash

Are you looking to save some money? A new ultra-low overnight (ULO) price plan will allow consumers to save money and take control of their energy bills.

The plan starts on May 1 in several jurisdictions; however, Oakville Hydro has not announced when it will make this offer available. Legally, it can be no later than Nov. 1. 

A spokesperson for Oakville Hydro shared, "Oakville Hydro will be providing this rate option to customers. A system upgrade required to implement ULO has just been released by our vendor, with planning underway for installation and testing."

"Oakville Hydro is working diligently to finalize all necessary details and looks forward to providing its customers with this option in the coming months."

While improving the efficiency of Ontario's electrical grid, Energy Minister Todd Smith shared that a customer may save up to $90 per year if they use electricity at night to heat their home or charge their electric vehicle.

The new electricity pricing structure is a third option for electricity customers, in addition to the existing Time-of-Use (TOU) and Tiered plans. The new ultra-low overnight rate will be 2.4 cents per kilowatt-hour (kWh), 67 per cent lower than the current off-peak rate, in exchange for a higher on-peak rate.

The new ULO rate is expected to shift electricity use to these hours allowing the province to better leverage Ontario's electricity grid's efficiency. It will result in potential capacity cost savings of up to $5.7 million per year.