Albertans are reportedly paying less for electricity now compared to one year ago. (Photo: Pattison Media)

By David Opinko

Alberta power rates fall by nearly 60% in one year

Sep 5, 2024 | 10:56 AM

The rates that Albertans pay for electricity and natural gas have reportedly gone down in recent months.

The Alberta Utilities Commission reports that, between August 2023 and August 2024, the average monthly price for default electricity rates in the province decreased from 32.27 cents per kilowatt hour to 13.19.

That amount is down by nearly 60 per cent and includes numbers from ENMAX, EPCOR, FortisAlberta and ATCO Electric.

Minister of Affordability and Utilities Nathan Neudorf says this is good news for Albertans.

“Our government promised to lower Albertans’ utility bills, and I am proud to see our efforts yield results. The numbers speak for themselves and prove that our government’s new policies are working, with much more still yet to come,” says Neudorf.

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Electricity rates in Alberta from August 2023 to August 2024. (Photo: Utilities Consumer Advocate)

According to a media release from the Government of Alberta, residents have already been saving money since the Market Power Mitigation Regulation came into effect on July 1, 2024

The regulation prevents power price spikes for those on variable rate contracts.

They claim that this will keep more than $8 billion in the pockets of Albertans over the next decade.

Additional measures are set to come into effect next year, including the Utilities Affordability Statutes Amendment Act (UASAA), regulatory changes to the default electricity rate, and changes to how transmission costs are allocated.

The UASAA, which was passed in Alberta in April, aims to save the average family on the default electricity rate $937 per year. It also renames the default electricity rate to the Rate of Last Resort.

Utilities Consumer Advocate Chris Hunt says he welcomes the new changes.

“Cost uncertainty and unpredictable price spikes in electricity bills have been significant challenges for Albertans in recent years. However, in recent months, retail electricity prices have been decreasing and there is more price stability for consumers,” says Hunt.

Graphs showing historic power rates in Alberta can be found here, while a breakdown of regulated rates by provider is available here.