Toronto: The Ontario Energy Board released its decision December 19 on Toronto Hydro’s 2020-2024 electricity distribution rates application and investment plan. Toronto Hydro expressed satisfaction that the OEB had approved a plan that provides customers with a rate reduction in 2020.
Toronto Hydro said that, in addition to providing customers with the certainty of affordable electricity, the OEB’s authorization for approximately $3.8 billion of funding over the next five years will also enable it to “make continued investments in grid safety and reliability, support a growing city, and meet the needs of its customers.”
Toronto Hydro said that, due to the complexity of the decision, it would take time to determine the specific operational impacts, as well as to complete certain OEB processes to determine the final customer rates.
The next step is for the OEB to issue a rate order to establish the final distribution rate impacts and effective dates for 2020 rates, which Toronto Hydro estimates will occur within the first quarter of 2020. Once known, Toronto Hydro will communicate distribution rate impacts directly to all its customers.
This was Toronto Hydro’s second five-year rate application.