The province says the Rate of Last Resort help consumers better understand energy options and is part of an ongoing consumer awareness initiative.
New legislation is set to take effect January that the Alberta government says will protect power consumers from big price swings.
“Utility bills can make or break a tight budget when every nickel and dime counts,” Minister of Nathan Neudorf said in a statement.”Our government is giving Albertans the tools needed to help save more their hard-earned dollars and make their monthly costs more predictable, while protecting the most vulnerable from sudden price spikes.”
Albertans have three options when purchasing their electricity and natural gas utilities: the default power rate, a competitive contract for a variable rate, or a competitive contract for a fixed rate. There are many reasons for Albertans being on the Rate of Last Resort over a fixed or variable rate: they may be unable to sign a competitive contract due to poor credit or other financial difficulties, or live in a rural area where a variety of power options are not available.
Gray said the two-year stable rate should result in Rate of Last Resort prices of roughly 10 cents cents/kWh.
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