On June 22, the OEB announced that electricity prices will go down on July 1, with the reductions a result of the Fair Hydro Plan. The reductions will affect different customers in different ways depending on how they buy their electricity - new Regulated Price Plan prices or a Global Adjustment credit - and will be in effect until April 30, 2018.
In its latest outlook for Ontario's power system, the IESO indicates that about 1,550 MW of new supply (500 MW wind, 1,000 MW natural gas, 50 MW hydroelectric) is expected to be connected to the transmission grid over the July 2017 to December 2018 period.
The provincial government announced the results of its second auction of greenhouse gas emission allowances. The auction was held on June 6, 2017.
The Ontario Energy Board has issued a report which provides a carbon price forecast for the period 2018-2028. In its September 2016 Regulatory Framework for the Assessment of Costs of Natural Gas Utilities' Cap and Trade Activities, the OEB indicated it would provide a 10-year forecast that would be updated annually. The OEB says the forecast is to be used to assess the reasonableness of longer-term greenhouse gas abatement activities.
On May 31, the provincial government passed the Fair Hydro Act, 2017 that serves to implement its Fair Hydro Plan.
The provincial government has introduced the Fair Hydro Act, 2017. If passed, the legislation would lower electricity bills for residential customers by 25% on average and would serve to implement other measures included in the government's Fair Hydro Plan announced earlier this year.
The OEB announced new electricity commodity prices for those customers who buy their electricity from their local utility. The new prices reflect certain rate mitigation measures resulting in lower prices. For time-of-use prices, off-peak decreases by 1.0 cents/kWh, mid-peak by 1.9 cents and on-peak by 2.3 cents. The lower prices reflect a portion of the bill reduction announced in the proposed Fair Hydro Plan.
In its most recent 18-month outlook, the IESO says annual energy demand is expected to increase slightly in 2017 with economic and demographic growth pushing up demand more than conservation and increased embedded generation reduce it.
The provincial government announced the results of its first auction of greenhouse gas emissions allowances. The auction was held on March 22, 2017.
On March 2, the provincial government unveiled its Ontario Fair Hydro Plan. Starting in the summer of 2017, electricity bills for residential customers are to be lowered by 25% on average. The plan includes other measures and the government notes that all measures include the 8% rebate introduced in January. As part of the plan, rate increases over the next four years are to be held to the rate of inflation for all electricity customers.