Toronto Conserves Energy; As a Reward the Rates Go Up
Thanks Toronto for saving energy! Now we’re going to raise your rates…
Toronto residents and businesses have taken to the idea of saving electricity – so much so that Toronto Hydro-Electric System Ltd. is looking to raise rates to cover a $10.4 million decrease in revenue.
The subsidiary of Toronto Hydro Corp. said yesterday it has filed an application with the provincial regulator to increase electricity distribution rates by 6.3 per cent as of May 1.
The hike is needed to cover a $10.4 million loss in revenues associated with conservation programs that began in 2005, including last year’s summer challenge, which offered hydro customers a 10 per cent credit on their fall bill if they cut electricity use by 10 per cent over two months, according to the utility.