Smart meters read a customer’s total electricity consumption hour by hour and send the readings electronically to Brantford Power. With the ability to measure when electricity is used, different prices can apply at various times of the day.
The prices are called Time-Of-Use (TOU) prices, and they reflect the fact that the cost to provide electricity changes throughout the day. When demand is low, less expensive sources of electricity are used. When demand rises, more expensive forms of electricity production are called upon, making prices higher. Brantford Power customers have been charged TOU prices since November 1, 2011. TOU pricing rewards you for using electricity during low-demand.
Who sets the TOU prices and time periods? The Ontario Energy Board reviews electricity market prices over the previous six months as well as the forecast of future electricity prices over the next year. They set the prices twice a year in May and November. If you signed an electricity contract with a company, you pay the price agreed upon in the contract, not the price set by the Ontario Energy Board.