What is deregulation and when did energy industry deregulate?
For many years, the energy industry was regulated and governed by a regulatory body with only the utility being able to sell natural gas to consumers. The utility or government set natural gas prices for transportation, distribution and supply to customers. Homes and business would buy natural gas from the local utility at the set rates. Deregulation was a process that occurred in many provinces and states across Canada and the United States that opened the market to competitive independent energy suppliers who are able to offer consumers different options regarding the price and term of energy supply. Consumers can now shop around for natural gas rates and choose who will supply their energy.
Why does it make sense to lock your energy rates?
Energy Marketers are able to buy energy in large volumes at wholesale rates for a period of up to five years. This allows customers to purchase energy at a fixed price from energy marketers and be protected from any increase in the commodity supply for the duration of the agreement. Your local utility adjusts natural gas prices four times a year but with the fixed rate you are protected from any future price increases for the duration of the agreement even during very cold winter months.
Who will deliver my electricity if I chose electricity supplier other than my utility?
Your local utility will continue to deliver electricity to your home and business but with the deregulation consumers can now choose who will supply the electricity through the utility’s distribution system. Customers will receive the same delivery service for electricity from their local utility but they can now control electricity supply rates and the term of these rates.
Will I be receiving a separate Bill for my electricity supply?
You will not be receiving any extra bills when you sign up for electricity supply through MyFixRate. Your local utility will continue to deliver electricity to you home or business and send you bill and your fixed rate will be conveniently integrated on your existing utility bill. You will pay your local utility the same way as you used to so if you are on pre authorized payment plan nothing changes.
Who should I contact if there are any emergencies, gas leaks or shortages with energy supply?
Please contact your local gas or electricity utility for any emergencies, gas leaks or supply shortages you may be experiencing. Local utility emergency contact information can be found on your utility bills.
What causes energy rates to rise?
There are number of factors that determine energy prices. Supply and demand is one of the factors affecting the price of energy. As consumption increases, prices change rapidly causing fluctuating and volatile energy prices. Weather is one of the biggest factors playing in the energy supply and demand. Another primary reason for energy price increase is going green. In Ontario government is pushing to replace some large-scale traditional generation facilities such as coal, hydro, natural gas and nuclear with more expensive generation including renewable wind and solar which drives up the overall cost of power being sold to consumers.
What are Time of Use (TOU) Rates?
Most electricity consumers in Ontario pay time of use prices. TOU rates have three tiered pricing On-Peak, Mid-Peak and Off-Peak. Customers pay the highest electricity rates called On-Peak during the day when the demand is the highest, mid rate during the Mid-Peak times and the lowest rate during the hours when demand is the lowest. The more electricity you use during the On-Peak times the higher your monthly bills will be.
Do your rates qualify for Budget Billing Plan?
Budget Billing or Equal Billing Plan is your local utility’s program where utility charges you the same amount every month during the year so you can budget every month and makes an adjustment once a year with either a credit or debit on your bill. If you register for Budget Billing Plan (BBP) and sign up with MyFixRate for fixed energy supply you will continue to be on BBP unless you ask your utility to remove you from this program.
What is Global Adjustment?
The Global Adjustment is the difference between the price paid to generators for the produced electricity and the market price of electricity. Because electricity market prices fluctuate the Global Adjustment also changes. If you signed for a fixed electricity rate the Global Adjustment is shown on your bill as a separate item each month and can be either a credit or a charge depending on the changing market price. The Global Adjustment also reflects the cost of OPA conservation and demand management programs and cost incurred by utilities to meet conservation targets.
Will MyFixRate mail me an agreement?
Our business is based on online sign ups which keeps our overhead costs low and we are able to offer customers great prices. However, if you require a mailed copy of the agreement you can always request it.
How is my privacy protected?
We respect your privacy and will not release your personal information to any non affiliated third parties, unless you are signing up with MyFixRate as a member of their program.