Are electricity rates in Alberta going down?
While electricity prices hit all-time highs in Alberta in 2023, it has stabilized now and is forecasted* to remain low for the rest of 2024.
Why are electricity rates in Alberta suddenly decreasing?
According to the Alberta Electricity System Operator (AESO), they are estimating more than 2700 megawatts of new gas generation in 2024, which is the largest addition of natural gas-fired power to Alberta's grid in a single year! The increased availability of natural gas enhances our grid's capacity and reliability, contributing to overall lower electricity prices for Albertans.
Should I still choose a fixed-rate electricity plan?
Now that electricity prices in Alberta have stabilized, it's a great time to lock in at a low rate which you can hold onto for the next 5 years. By signing up for a guaranteed fixed rate, you can avoid future market volatility and enjoy rate stability for as long as you need it.
Plus, we have no enrollment or exit fees. So that means that when rates drop below your fixed rate, you can always switch to a regulated or variable rate plan and take advantage of that lower rate.
But when you're paying a fixed rate every month, you don't have to worry about any surprises! Nothing beats peace of mind.
*The forecast is based on the current forward wholesale electricity price curve on March 20, 2024.
**The DE "Get It and Forget It" electricity plan offers an introductory rate of 7.77¢/kWh from your Contract Start Date until July 31, 2024. Beginning August 1, 2024, through the remainder of your Term Length, your Electricity Price will be 10.59¢/kWh.