Alberta introducing legislation to stabilize electricity rates, educate customers about RRO
Alberta is introducing new legislation aimed at preventing spikes in electricity prices.
Default electricity rates will be set for each provider every two years.
The province says this will significantly reduce rates for people who are unable to sign a competitive contract, including people with bad credit, seniors, or people in rural Alberta who don’t have other provider options.
“Albertans should not dread opening their bill each month. Unpredictable power costs make it hard for families to plan their household budgets and we simply cannot allow confusion about electricity billing to cause Albertans financial hardship,” Premier Danielle Smith wrote in a Thursday news release.
In addition to the new set rates, the Regulated Rate Option (RRO), which is provided to customers who can’t sign a competitive contract, will be renamed to the Rate of Last Resort.
The province says this will better help consumers understand the rate they’re paying, and encourage them to find another option if they can.
“Knowledge is power, and Albertans need to know their options. Utility bills can make or break a tight budget where every penny counts, which is why we’re protecting those with limited options from sudden spikes in electricity prices,” Nathan Neudorf, minister of affordability and utilities said. “This will also make life more affordable for all Albertans as it puts downward pressure (on) the price of utilities.”
The province says about 29 per cent of residential customers are currently on the RRO, and 32 per cent of commercial customers and 46 per cent of farm customers also use the RRO.
According to the Alberta Utilities Commission, the going rate for electricity is around 15 cents/kWh as of April 18.
Last August, rates in Alberta reached record highs, with Edmonton RRO customers paying 32.5 cents per kilowatt hour and those in Calgary 31.9 cents per kilowatt hour.
Before the province lifted the cap on regulated rates as a part of its Affordability Action Plan, the regulated rate had been capped at 13.5 cents/kWh.
Alberta has a unique competitive market design for power, where electricity suppliers submit offers into the energy market known as the power pool every hour.
In March, Alberta announced new rules limiting the offer price of natural gas-generating units in hopes of quashing the issue of “economic withholding,” where providers hold back supply to drive up the price.
The changes were just the start of what could be a series of significant changes to Alberta’s electricity market.
Experts say the rules that govern the province’s current system were designed when the bulk of Alberta’s power needs came from coal and don’t necessarily work for a system that is now driven by natural gas and renewables.
With files from The Canadian Press
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