Earlier today, Ontario’s Ministry of Energy announced the launch of a new Ultra-Low Overnight Electricity Price Plan. Starting May 1, this optional electricity plan will be available to customers of seven energy distributors in Ontario, including Toronto Hydro and London Hydro. OSPE has advocated for this option for several years, and we are pleased to see this development.
This new plan gives consumers more control over their energy bills by offering lower electricity rates during off-peak hours, which can help reduce consumers’ overall energy costs. Customers can schedule their high-energy consumption activities, such as laundry or dishwashing, for overnight hours when electricity prices are much lower.
This plan also supports Ontario’s progress towards a greener future by incentivizing energy use during off-peak hours. This reduces strain on the electricity grid during peak hours, and encourages energy use at times when electricity is generated from low-carbon sources.
During the announcement, Energy Minister Todd Smith recognized OSPE’s Energy Task Force for their advocacy and expertise in the development of this new plan. OSPE has advocated for this option for several years through reports, submissions, and meetings with ministry staff. We commend the Ministry of Energy on the launch of this plan, and will continue supporting the Ontario government in making smart policy decisions for a cleaner future.