Hydro One research shows nearly three out of
four Ontario electricity customers
support relief from peak pricing
TORONTO, March 24, 2020 /CNW/ - Hydro One announced it is
ready to apply temporary electricity relief rates introduced by the
Ontario government earlier today.
The government's plan will temporarily reduce Time-of-Use (TOU)
pricing to an off-peak flat rate to lighten the burden on people
who are staying at home to slow the spread of COVID-19.
While Hydro One is regulated to adhere to TOU pricing, the
company had been working with the industry and government to offer
customers relief during this difficult time. In a recent survey of
2,000 Ontario electricity
customers, 72 per cent said they want relief from high on-peak
pricing during the current situation. The survey, conducted for
Hydro One by Innovative Research Group, is part of Hydro One's
commitment to advocate for customers.
"With an unprecedented number of people staying home to prevent
the spread of COVID-19, we believe people should be focused on
keeping their family safe and not on what time of day they should
do laundry or wash dishes," said Mark
Poweska, President and CEO, Hydro One. "We applaud the
Ontario government for moving
quickly to offer relief to our customers and we will continue to
advocate on behalf of our customers for greater choice, flexibility
and relief."
For the next 45 days, customers will automatically pay a flat
rate of 10.1 cents per kWh. This is
expected to reduce the monthly bill of a typical Hydro One
residential customer by about 15 per cent during this period. This
change does not require customers to take any action. More details
are available at HydroOne.com/RateRelief.
"We are here to help our customers through this," said Poweska.
"No customer will be disconnected and our Pandemic Relief Fund will
help people who are struggling during this challenging and
uncertain time."
Hydro One's recently announced Pandemic Relief Fund offers
increased payment flexibility and financial assistance to customers
experiencing financial hardship as a result of COVID-19. More
information about Hydro One's Pandemic Relief Fund can be found at
www.HydroOne.com/ReliefFund.
Since the COVID-19 outbreak began, Hydro One has taken actions
to ensure Ontario has reliable
power while keeping our employees, customers and the public
safe.
"Families, communities, hospitals, grocery stores and other
essential services need us now more than ever," said Poweska. "We
are focused on the most essential work to keep the power on and
postponing non-critical work to protect employees, customers and
communities from being exposed to the virus."
Hydro One Limited (TSX: H)
Hydro One Limited, through its wholly-owned subsidiaries, is
Ontario's largest electricity
transmission and distribution provider with approximately 1.4
million valued customers, approximately $27.1 billion in assets as at December 31, 2019, and annual revenues in 2019 of
approximately $6.5 billion. Our team
of approximately 8,800 skilled and dedicated employees proudly
build and maintain a safe and reliable electricity system which is
essential to supporting strong and successful communities. In 2019,
Hydro One invested approximately $1.7
billion in its transmission and distribution networks and
supported the economy through buying approximately $1.5 billion of goods and services. We are
committed to the communities where we live and work through
community investment, sustainability and diversity initiatives. We
are designated as a Sustainable Electricity Company by the Canadian
Electricity Association. Hydro One Limited's common shares are
listed on the TSX and certain of Hydro One Inc.'s medium term notes
are listed on the NYSE. Additional information can be accessed at
www.hydroone.com; www.sedar.com or www.sec.gov.
SOURCE Hydro One Inc.