toronto hydro rates

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.

Lead photo by

Tony Mo


Join the conversation Load comments

Latest in City

Toronto to get more winter weather ahead of the holidays than usual this year

Spadina Fort York MP Kevin Vuong responds to controversy amid calls for him to step down

Toronto cops who allegedly assaulted Black TTC rider say he was the one being racist

Toronto to get walloped with a deluge of rain possibly totalling up to 75 mm

Ontario vaccine receipt website not working on first day of new passport system

Doug Ford's daughter just went on another anti-vax rant on social media

A harvest moon lit up Toronto skies this week and the photos are breathtaking

How to download your vaccine passport in Ontario