The annual increase in electricity rates, capped at 3% in residential areas, came into force on Monday in Quebec.
According to Hydro-Québec, this annual indexation means that the monthly electricity bill will increase by $2.35 for a five and a half room dwelling, by $4.39 for a house of 111 square meters, by 5.82 $ for a house of 158 square meters and $7.17 for a large house of 207 square meters.
In February 2023, the National Assembly adopted Bill 2, which capped the price indexation rate of Hydro-Québec’s domestic distribution rates at 3%.
Rates for business customers increased by 5.1%. This increase corresponds to the variation in the Consumer Price Index in Quebec between September 30, 2022 and September 30, 2023, specified the state corporation.
In response, the Canadian Federation of Independent Business once again deplored the fact that the increase in rates for small and medium-sized businesses (SMEs) was not capped like that of residential rates.
According to its vice-president for Quebec, François Vincent, “the increase in electricity rates risks weakening many businesses”.
“SMEs are already weakened by the labor shortage, rising costs and the pandemic debt they have accumulated. It is not for nothing that we are seeing an increase in the number of business closures. And what is the Quebec government doing? It draws more from the pockets of small and medium-sized businesses, many of which struggle to make ends meet at the end of each month,” he denounced.
The 5.1% adjustment applies to all business rates, except the large power industrial rate, which increases by 3.3% instead.
Last year, Hydro-Québec’s business rates increased by 6.5%.