Hydro One has launched its new Ultra-Low Overnight Price Plan as required by the Ontario government.
Its designed to help customers who consume more electricity overnight, from 11:00 p.m. to 7:00 a.m., for example those who need to charge their electric vehicles.
The rate is possible as the province has excess energy during those hours.
Utilities in Ontario have until November 1st of this year to offer a ULO rate.
Earlier this year Synergy North and Sioux Lookout Hydro released their ULO plans when the province first announced the mandate.
Set by the Ontario Energy Board, the rate will be 2.4 cents per kilowatt-hour (kWh), which is 67 per cent lower than the current off-peak rate, this is countered however with a higher on-peak rate.
