2024 Alberta energy market update

Updated on April 22, 2024

3-minute read

2024 Alberta energy market update

Updated on April 22, 2024

3-minute read

If you're on a regulated rate or variable rate plan, these are the key factors that affect your monthly energy rate. 

Scenic view of Moraine Lake Alberta
Scenic view of Moraine Lake Alberta
Scenic view of Moraine Lake Alberta

Weather conditions in Alberta

Did you know that the transmission and distribution charges on your energy bill are affected by weather changes too? Learn more about the transmission and distribution fees and how it works.

Here are the top Alberta weather highlights in 2024 that impacted your energy usage and fees on your energy bill:

April 2024

Just as fast as temperatures warmed up at the start of the month, temperatures dropped just as quickly due to an unexpected cold front which brought heavy snow dumps. Thankfully, the average temperature was relatively normal for April so there wasn't an unusual increase in heating usage. Plus, this much-needed moisture is a real win for our local farmers who have been dealing with long-term drought conditions in Alberta.

March 2024

Spring arrived and so did more snow! In early March, we had a snowy start with certain parts of Alberta getting more than 25 centimetres. On the bright side, since daylight savings has started again we can enjoy longer days and later sunsets, which also means less lighting costs as we move in spring and summer.

February 2024

There was a little bit of a reprieve from the frigid cold that the Polar Vortex brought last month. Even with the sporadic cold shots of Arctic air, Alberta had above-average temperatures from February to March due to a milder and drier El Niño winter. 

However, the Polar Vortex in January caused natural gas prices to increase significantly in February. As a result, you may notice a higher energy bill in February due to rates and regular heating usage. 

January 2024

The Polar Vortex in January brought a deep freeze and -40°C temperatures to Alberta, breaking temperature records from over 50 years ago. Due to the extreme cold weather, AESO issued a grid alert asking Albertans to conserve energy to reduce the risk of rolling outages. With an increased need for heating and higher than normal energy usage, you may notice a higher energy bill in January.

 

Natural gas price forecast in Alberta

Our regulated natural gas rate is $1.93/GJ in April which is 61% lower^ than the average fixed rate.

Best of all, natural gas rates are forecasted to stay low throughout 2024 so it's a great time to be on regulated gas. Learn more about the benefits of regulated natural gas and how its price is determined.

Electricity price forecast in Alberta

Good news! The RRO in Alberta which was previously at an all-time high is now stabilizing.

Our regulated electricity rate in April is 14.45 cents/kWh which is 55% lower than the all-time high in August. 

Over the last year, Alberta's electricity regulated rate option (RRO) was higher than ever due to changes in market conditions and global events. However, electricity prices are now forecasted to continue decreasing and will remain reasonably low in 2024. Learn more about why electricity prices in Alberta are suddenly going down.

Up until December 2024, the cost difference between the RRO electricity rate from January - March 2023 and the 13.5¢/kWh cap will continue to be added to the current RRO to help recover costs.

If you’re looking for longer-term rate stability, we have fixed-rate plans with no early exit fees, bundled rates, green energy, and other promotions.

 

Customers are free to purchase natural gas services or electricity services from a retailer of their choice. For a list of retailers, visit ucahelps.alberta.ca or call 310-4822 (toll-free in Alberta).

^Based on an average of the lowest advertised 5-year fixed rates from Atco Energy, EasyMax, Encor, and Direct Energy as of March 22, 2024.

*The forecast is based on the current forward wholesale natural gas and electricity price curves on March 22, 2024, and will not be the exact rates. Natural gas and electricity rates can change suddenly based on weather, unplanned infrastructure outages, and global events.

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