And no, it's not an April Fools' joke!
It appears as if your electricity bill will officially be going up today.
As of April 1, 2022 Hydro-Québec will be increasing the rates of electricity by 2.6%. Hydro first announced its intention to increase its rates in a press release back on October 22 and the day has (unfortunately) come.
After increasing its rates by 1.3% in 2021 — Hydro-Québec has now doubled the surge in cost and it's all thanks to... you guessed it: inflation!
Hydro stated that the increase in rates corresponds to the change in the Consumer Price Index in Quebec from September 30, 2020 to September 30, 2021.
C'est aujourd\u2019hui qu'entre en vigueur l\u2019indexation annuelle des tarifs d'Hydro-Qu\u00e9bec en vertu de la loi. Les tarifs des clients r\u00e9sidentiels et d\u2019affaires augmentent de 2,6 % au 1er avril 2022.https://nouvelles.hydroquebec.com/fr/communiques-de-presse/1819/entree-en-vigueur-de-laugmentation-de-2-6-des-tarifs-delectricite/\u00a0\u2026— Hydro-Qu\u00e9bec (@Hydro-Qu\u00e9bec) 1648825307
Now, what exactly does this mean for you, your electricity bill, and your bank account? Well, you'll have to allocate more leeway in your budget for your electricity bill.
According to the press release, as of April 1, 2022, Quebec residents living in a three-bedroom apartment will be paying $1.92 more per month.
As for those living in a small house measuring 1,200 square feet you can expect a monthly increase of $3.60.
Hydro said that a medium-sized home that measures 1,700 square feet will pay $4.77 more a month, and those living in a larger-sized home measuring 2,230 square feet will pay $5.88 more a month.
Although costs are going up, Hydro and the Quebec government are trying to mitigate the situation as best as possible.
Hydro-Québec shared that the Act to simplify the process for setting electricity distribution rates, which was adopted in December 2019 by the National Assembly, will establish new rates based on the cost of service in 2025, and every five years thereafter.
The press release stated that if the Régie de l'énergie does not intervene, the Quebec government will "set out the terms and conditions of the adjustment to avoid rate shocks."
This article's cover image was used for illustrative purposes only.
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