Electrical rates in Cornwall are amongst the most affordable in North America, thanks to an 11½ year deal brokered with Hydro Quebec by Cornwall Electric in 2008.
Cornwall Rates Decrease by 6.2%
The new deal means that electrical rates decreased in Cornwall by 6.2% at a time when many utilities in Ontario are raising distribution rates and the cost of power has increased by 6% or more. In Cornwall, retail rates are projected to remain below current rates until 2012 and future annual price adjustments will average at or near inflation until 2019. Cornwall Electric customers also do not pay the debt retirement charge paid by the majority of customers in Ontario. Overall, it is very affordable to live in Cornwall.
A Stable Deal
Fluctuating wholesale electricity prices have been the largest contributor to price uncertainty in recent years. This new contract provides rate stability and security of supply for more than a decade, allowing Cornwall companies to effectively budget for uninterrupted operations far into the future.
Cornwall Electric purchases its power from Hydro Quebec and is independent of Ontario's power grid. Cornwall Electric is owned by FortisOntario, a 100% investor-owned Canadian company.