Toronto Hydro has announced that the Ontario Energy Board has approved their request to raise electricity rates in 2014. Please find the company’s press release below for your information.
Toronto Hydro reports that 2014 electricity rates have been approved and will only result in a modest increase to customers
TORONTO, March 11, 2014 /CNW/ – Toronto Hydro-Electric System Limited (“Toronto Hydro”) is pleased to report that the Ontario Energy Board (“OEB”) has approved the 2014 electricity rates resulting in only a modest increase of approximately one dollar per month for the average residential customer*.
“We are very pleased that the OEB and the intervenor community have accepted the rate settlement,” said Anthony Haines, President and CEO. “While the OEB rate approval results in an increase of about one dollar, it is relatively low compared to inflation and enables us to continue investing in our significant capital infrastructure program to improve reliability and safety for our customers,” adds Mr. Haines.
Customers will also be pleased to know that Toronto Hydro will not be raising rates due to the ice storm costs. Toronto Hydro is committed to absorb the costs through productivity gains and other favourable OEB decisions received in 2013.
The new 2014 rates will be effective May 1, 2014.
More information on Toronto Hydro’s capital infrastructure plans and reliability can be found at torontohydro.com/learnmore
The Toronto Star has additional information on Toronto Hydro’s plans to increase electricity rates. You can read the article at theStar.com.