Hello, Peace Power customers and friends!
We know there has been a lot of talk about the Regulated Rate Option (RRO) in Alberta lately, and we wanted to take a moment to help you better understand the situation and what it means for you as an electricity consumer.
As you may know, the Alberta government introduced a rate cap of 13.5 cents/kWh for RRO electricity consumers, which was in effect from January to March 2023. During these three months, the actual price of the RRO was higher than the cap, meaning the government had to step in to keep rates lower for consumers.
However, this rate cap program was a deferral program, meaning that any charges above the 13.5 cents/kWh cap still need to be paid back by consumers remaining on the RRO. It's estimated that the total amount owing between all RRO customers is $200 million. To recover these costs, a surcharge will be added to the RRO from April 2023 until December 2024.
But don't worry – there's good news! You can avoid paying back the deficit by leaving the RRO and signing up with Peace Power on one of our competitive rates. By making the switch, a typical consumer could save between $100 - $400 over the course of the deferral repayment period (Average household savings will be approximately $275). Now that's something to smile about!
Peace Power's new fixed-rate electricity plans, are designed to offer stability and peace of mind amidst fluctuating energy prices. Our 1-year fixed rate plan provides a competitive rate of 13.99 cents/kWh, while our 3-year fixed rate plan offers an even lower rate of 11.99 cents/kWh. We also offer a variable-rate electricity plan at 1 cent over the spot price, with a 5-year rolling average of 8.85 cents/kWh
With multiple payment options available, these plans give you the certainty of consistent energy costs, making it easier for you to budget and plan for the future. Learn more about our fixed-rate plans and other electricity services at https://peacepower.ca/electricity-services/. Choose Peace Power and experience the benefits of affordable and reliable electricity tailored to your needs.
We hope this blog post has helped clarify the situation surrounding the RRO in Alberta. Our team at Peace Power is always here to answer any questions you may have, so don't hesitate to reach out if you need more information or if you're interested in making the switch to one of our great rates.
Stay informed and stay empowered, Alberta. Together, we can navigate these changes and continue to enjoy reliable and affordable electricity.
The Peace Power Team