Electricity prices are going up by an average of 1.8 per cent for the average residential consumer using smart meters, the Ontario Energy Board has announced.
Off-peak, on-peak and mid-peak rates are going up starting Nov. 1, the regulator said in a release Monday.
For the average residential consumer using 800kWh a month, that means an increase of $2.11 on the electricity portion of the bill. The increase affects residences and businesses hooked to smart meter pricing — 66 per cent of all consumers as of August.
All Ontario electricity consumers are expected to switch over to smart meter pricing by mid-2012.
Meanwhile rates are going up for those on tiered pricing as well — the average consumer stands to pay an extra 20 cents a month.
The main causes of the increase, the board said, are "increased nuclear and renewable generation coming online during the forecast period."
But the board said while rates are going up, the overall total bill for businesses and residences on smart meter pricing will be lower Nov. 1 than they were one year ago at the same time because of a 10 per cent rebate the government has provided.