The annual increase in electricity rates comes into effect on Monday April 1

On Monday, April 1, the annual increase in electricity rates comes into effect in Quebec. The increase is capped at 3% for the residential sector.

The Société d'État explains that this annual indexation will increase the monthly electricity bill by $2.35 for a five-and-a-half-room dwelling. Owners of a 111-square-meter home will face an increase of $4.39 per month, while those living in a 158-square-meter home will pay $5.82 more per month. Finally, owners of a large 207-square-meter home will be charged an additional $7.17 per month.

Business customers will see their rates increase by 5.1% per month. This increase is attributable to the change in the Consumer Price Index in Quebec between September 30, 2022 and September 30, 2023, Hydro-Québec explained by way of justification. Note that the business rate applicable to large-power industries will increase by 3.3% instead.

In February 2023, the National Assembly approved Bill 2, which capped the rate of price indexation for Hydro-Québec's residential distribution rates at 3% annually.