Toronto has the highest hydro rates in Canada
Toronto hydro rates are the most expensive in the country, according to a new report from the Fraser Institute.
The report, titled Evaluating Electricity Price Growth in Ontario, found that Toronto hydro bills were $60 more per month (including taxes) than the average Canadian hydro bill.
Toronto residents, on average, pay $201 per month for hydro - that's a $77 increase between 2010 and 2016. In comparison to other major Canadian cities, Montreal residents pay $83, folks in Calgary and Edmonton pay $104 and Vancouverites pay $114. Ottawa residents pay $183.
According to the report, electricity prices in Ontario increased 71 percent from 2008 to 2016 - during the same time period, the national average went up 34 percent. Electricity prices in the province also increased 2.5 faster than income levels between 2008 and 2015.
"Ontario’s high electricity prices can be attributed to poorly structured long term contracts, the phase-out of coal energy, and a growing electricity supply and demand imbalance in the province that is resulting in Ontario exporting electricity at a loss," reads the report.
This past spring the provincial government introduced a plan to lower hydro bills over the next decade. They could, however, go up again following that 10 year period.
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