Work continues to advance on the new ultra-low Time-of-Use electricity plan in Ontario.
Earlier today, the Ontario Energy Board (OEB) released a report today noting that the new ultra-low overnight Time-of-Use plan could save Ontario households up to $90 per year.
The Ultra-Low rate would be 2.5 cents per kilowatt-hour in exchange for a higher on-peak rate.
This 2.5 cent rate is 70 per cent lower than the current off-peak rate for Time-of-Use clients.
The report noted that the new electricity plan would support EV adoption and drop overnight charging costs for EVs.
The OEB suggests that companies would include the new plan alongside the existing Time-of-Use and Tiered plans. This would give Ontario households a third option for their electricity plan.
In addition to cost savings to the customer, the OEB also noted that the new plan has the potential to save the electricity system up to $5.7 million per year.
The intent is to make the new price plan available to customers by April 2023 if everything goes to plan.
The proposed ultra-low overnight Time-of-Use plan would look like this in terms of timing:
- Ultra-low overnight rates: every day, 11 p.m. – 7 a.m.
- Mid-peak rates: weekdays 7 a.m. – 4 p.m. and 9 p.m. – 11 p.m.
- On-peak rates: weekdays 4 p.m. – 9 p.m.
- Weekend off-peak rates: weekends and statutory holidays 7 a.m. – 11 p.m.