When it comes to choosing the rate to pay for your electricity in Alberta these days floating rates can be attractive. They can be really attractive if you are a customer on the RRO (Regulated Rate Option) with EPCOR.
For October usage EPCOR customers living in the city Edmonton were paying 8.737 cents/kWh for their power. FortisAlberta customers in the Edmonton Region were paying 8.493 cents/kWh for their power. Park Power customers paying the Floating Rate will pay close to half that for their October usage. Depending on when their meter gets read most customers on the Floating Rate will pay between 3 and 4 cents/kWh for their electricity usage.
Here is an example of the savings that could have been had for an average residential user of 1000 kWh/month. For demonstration purposes let’s average out the floating rate at 4.0 cents/kWh.
RRO usage charges – 1000 kWh x $0.08493 =$84.93
Park Power charges – 1000 kWh x $0.040 = $40.00
That is a savings of close to $50 if the customer had chosen Park Power’s Floating Rate over EPCOR’s RRO rate.
So, floating rates for your power can be very attractive because the savings can be very pronounced for some months. Although the electricity market is volatile and large price spikes have occurred in the past. If you are willing to handle the ups and downs on your power bill you can certainly beat the RRO average price and maybe even the Fixed Rates. The choice is up to you.
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