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Toronto Hydro rates to rise in May

Toronto Hydro customers will see themselves paying a little more starting this spring.

In a statement released Tuesday, the utility said the 2014 electricity rates have been approved by the Ontario Energy Board (OEB), which will see the average residential customer pay about $1 more per month.

Toronto Hydro president and CEO Anthony Haines said the increase is relatively low compared to inflation and “enables us to continue investing in our significant capital infrastructure program to improve reliability and safety for our customers.”

The utility says the increase is not due to the cost of the ice storm.

The massive ice storm that hit the GTA on Dec. 21, 2013, downed power lines and left 600,000 customers in Ontario without power. It cost the GTA an estimated $275 million, including $106 million for Toronto.

In February the provincial government announced it would provide up to $190 million to help municipalities, including Toronto, pay for the cost of cleanup and recovery from the December ice storm.

The new rates will be in effect on May 1.

With files from Toronto Staff