ON – Economic update provides electricity cost rebate for Ontario consumers

Ontario’s Minister of Finance brought down the province’s fall economic update on November 18. As part of that update, the Minister announced the creation of the Ontario Clean Energy Benefit (OCEB).

Under the OCEB program, Ontario electricity consumers will receive a 10 percent rebate of their costs for electricity, starting in January 2011. The rebate will be administered as a reduction of the amount otherwise billed to the consumer. Due to the length of time required to implement this change, the proposed OCEB price adjustments will appear on electricity bills no later than May 2011, and will be retroactive to January 1, 2011.

The OCEB is intended to offset an expected 46 percent rise in residential electricity prices over the next five years.

The press release announcing the OCEB is available at http://news.ontario.ca/mof/en/2010/11/ontario-introduces-electricity-cost-relief.html, and more information on the rebate can be found at http://news.ontario.ca/mof/en/2010/11/helping-ontario-families.html.

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