Businesses could see an additional four percent in electricity savings compared to last year.
Ontario businesses will be spending a little less in electricity costs this year.
As of January 1st, 2022, industrial and commercial electricity customers will benefit from the full savings brought forth by the province's Comprehensive Electricity Plan.
The plan was introduced in the 2020 Budget, and first implements a year ago.
This year, clients could see an additional four percent in savings compared to last year, depending on consumption and location.
This would bring the full savings from the plan to between 15 and 17 percent.
"Our Comprehensive Electricity Plan has helped reverse the trend of skyrocketing electricity prices that drove jobs out of Ontario," said Todd Smith, Minister of Energy. "Over 50,000 customers are benefiting from our government’s plan which has reduced electricity rates on clean and reliable power, allowing them to focus on reinvesting in their operations and creating jobs here at home."
Between April and June 2020, the province deferred a portion of its Global Adjustment (GA) costs for industrial and non Regulated Price Plan commercial customers, which was paid back by those businesses last year.
Now that the GA deferral repayment period is over, those same clients can now get the full cost reductions provided under the Comprehensive Electricity Plan.