(February 22, 2016) A new joint study by the Consumer Policy Institute and Energy Probe shows residential power prices in Ontario have increased at the fastest rate in North America.
Residential power prices in Ontario over the last nine years have increased at a faster rate than anywhere else in North America, according to a new joint study by the Consumer Policy Institute and Energy Probe.
Toronto Hydro’s residential customers now pay 72% more per kWh than they did in 2006 – the fastest increase in power prices anywhere in North America.
Hydro One’s residential customers – divided into urban, semi-rural and rural rate classes – have seen the price of power increase, on average, by 68% over that time.
Hydro Ottawa’s residential customers now pay 71% more per kilowatt than they did in 2006.
Taken together, Hydro Ottawa, Toronto Hydro and Hydro One account for nearly half of all residential power customers in the province.
Meanwhile, in the United States, prices for power increased, on average, by 22% over the past nine years. No U.S. state saw a faster rate of increase in power prices than Ontario over that time.
Ontario electricity prices have also increased at a faster rate than any other Canadian province.
The report shows that power prices in Ontario have also increased at a faster rate than overall inflation and other necessary goods and services, including food and shelter. Ontario’s Consumer Price Index climbed 17.8% since 2006, or about one-third the rate of its cost of power.
“Contrary to claims from the Ontario Ministry of Energy, power prices in Ontario are going up faster than anywhere else,” says Brady Yauch, executive director and economist at the Consumer Policy Institute and author of the report. “Soaring energy prices mean families are increasingly using more of each pay cheque just to pay their power bills.”
Executive Director and Economist
Consumer Policy Institute
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(416) 964 9223 ext. 236