Toronto electricity prices could soon go way up
Relief is in sight for your soaring hydro bills, but it might only be temporary.
As the Canadian Press reports, the Ontario Liberals introduced new legislation today that would cut hydro rates by 25 percent by taking off part of the global adjustment part of the bill. Increases, until 2021, would be capped at two percent.
But according to the Toronto Star, who cites a document leaked to the Progressive Conservatives, following 2022, hydro rates could go way up for much of the next decade:
"Average monthly bills will rise 6.5 per cent a year from 2022 to 2027 and are forecast to jump 10.5 per cent the year after when they will hit $195. That’s up from $123 this year with the promised cut, lowering bills from an average $158 in 2016," reads the Star report.
Costs would then flatten out after 2028. It's worth noting, however, that the rates mentioned in the report are long term forecasts that are subject to a variety of changes based on market demand and other factors.
Join the conversation Load comments