On October 16, 2023, City Council passed a new electricity bylaw (Bylaw 4796) to provide consumers with a single best of market interim electricity rate. This new rate automatically took effect on November 1, 2023.
On November 20, 2023, City Council passed a new gas utility bylaw (Bylaw 4798) to provide consumers with a single Market Reference Price natural gas rate. This new rate took effect January 1, 2024.
The new pricing structure was developed to try and avoid large swings in the market and therefore, reduce price volatility for consumers. Moreover, this decision addresses the apprehensions of ratepayers regarding the previous three rate options (default, fixed and variable) and the desire to make an informed choice without fear of making the "wrong" selection.