Canada markets closed
  • S&P/TSX

    20,633.27
    -128.76 (-0.62%)
     
  • S&P 500

    4,538.43
    -38.67 (-0.84%)
     
  • DOW

    34,580.08
    -59.71 (-0.17%)
     
  • CAD/USD

    0.7786
    -0.0022 (-0.28%)
     
  • CRUDE OIL

    66.22
    -0.28 (-0.42%)
     
  • BTC-CAD

    63,046.95
    -5,269.17 (-7.71%)
     
  • CMC Crypto 200

    1,367.14
    -74.62 (-5.18%)
     
  • GOLD FUTURES

    1,782.10
    +21.40 (+1.22%)
     
  • RUSSELL 2000

    2,159.31
    -47.02 (-2.13%)
     
  • 10-Yr Bond

    1.3430
    -0.1050 (-7.25%)
     
  • NASDAQ

    15,085.47
    -295.85 (-1.92%)
     
  • VOLATILITY

    30.67
    +2.72 (+9.73%)
     
  • FTSE

    7,122.32
    -6.89 (-0.10%)
     
  • NIKKEI 225

    28,029.57
    +276.20 (+1.00%)
     
  • CAD/EUR

    0.6878
    -0.0027 (-0.39%)
     

Electricity rates to increase by 2.6% on April 1, 2022

·2 min read

MONTRÉAL, Oct. 22, 2021 /CNW Telbec/ - On April 1, 2022, electricity rates will be indexed based on inflation, leading to an increase of 2.6%.

In accordance with An Act to simplify the process for establishing electricity distribution rates, this increase is equal to the change in the Québec Consumer Price Index (CPI) between September 30, 2020, and September 30, 2021, excluding alcoholic beverages, tobacco products and recreational cannabis.

Over the past 50 years, Hydro-Québec's electricity rates, which are among the lowest in North America, have trended similarly to the rise in the CPI. The indexation mechanism is designed to maintain this historical relationship.

The 2.6% adjustment will apply to all rates except the large-power industrial rate (Rate L), which will be set at a later date by the Régie de l'énergie.

Impact on residential customers' monthly bills

For residential customers who heat their homes with electricity, the monthly impact of the 2.6% increase as of April 1, 2022, will amount tIm alo $1.93/month for a three-bedroom apartment, $3.60/month for a small house, $4.77/month for a midsize house and $5.89/month for a large house.

Hydro-Québec will maintain the suspension of administrative charges for unpaid bills implemented because of the public health crisis on condition that the customer enters into a payment arrangement. Customers who have trouble paying their electricity bills can sign up for such an arrangement at any time on our website or by calling customer services at 1 888 385–7252 during business hours.

How is inflation-based indexation calculated?

To calculate the rate adjustment, we use the method recognized by Statistics Canada and the Régie de l'énergie. According to this method, we determine the average of the monthly CPI values for the period from October 2020 to September 2021 and compare it with that of the corresponding period of the previous year.

SOURCE Hydro-Québec

Cision
Cision

View original content: http://www.newswire.ca/en/releases/archive/October2021/22/c4608.html

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting