Natural gas prices down, electricity up in Alberta in February | 24CA News

For a fifth month in a row, pure gasoline costs in Alberta aren’t excessive sufficient to set off the provincial rebate.

The province issued a bulletin on Thursday saying February’s default pure gasoline price is $3.715 per gigajoule (GJ), effectively beneath the $6.50 per GJ triggering price and January’s $6.446 per GJ.

When the pure gasoline rebate was initially introduced, it was set to run for the six-month stretch between September 2022 and March 2023, however the authorities lately mentioned it could be prolonged as a part of the affordability motion plan.

“We look forward to providing more information in the coming months,” Andrea Farmer, press secretary of Affordability and Utilities Minister Matt Jones, mentioned in a press release.

Electricity costs, nonetheless, are entering into the other way.

Data from the Alberta Utilities Commission on Friday confirmed the regulated price possibility (RRO) – the default price for electrical energy prospects who aren’t on a contract – went up once more.

Enmax prospects in Calgary will see RRO costs go from round 27 cents per kilowatt hour (kWh) to just about 29.7 cents per kWh in February. Epcor and Fortis RRO prospects can count on costs to rise from 30 cents per kWh to just about 33 cents per kWh. Direct Energy RRO charges will leap from 27 to 32.7 cents per kWh.

University of Calgary economics assistant professor Blake Shaffer tweeted the charges are new all-time data.

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Albertans on RRO received’t must pay the complete brunt of the continued excessive costs below the federal government’s electrical energy worth safety.

From January by way of March, any costs above 13.5 cents per kWh will likely be repaid over the 21-month interval of April 2023 by way of December 2024.

Shaffer mentioned the whole value of the electrical energy worth cap will exceed $200 million.

The Opposition mentioned the federal government “mismanaged” the electrical energy system, saying “their incompetence means Albertans will be stuck paying higher bills.”

“Albertans are already struggling to keep the lights on and put food on the table, but month-after-month, the cost of electricity has gone up under the UCP with next to no help for Albertans,” Edmonton-Manning MLA Heather Sweet mentioned in a press release.

Farmer mentioned the province is engaged on longer-term enhancements to power affordability.

“Alberta’s government is providing real relief to help Albertans pay their electricity bills this winter, while making long-term improvements to the electricity system to help lower costs in the years to come,” the spokesperson mentioned, pointing to the $500 electrical energy rebates and $600 in complete affordability funds to eligible Albertans as different methods the federal government helps.

Sweet criticized the obvious inaction on excessive electrical energy costs, as an alternative saying the federal government “kicked the can down the road until after the election.”

Under the prior authorities, Albertans had a distinct kind of worth safety: a 6.8 cent per kWh price cap. That was scrapped after the 2019 election.

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While costs subsequent month are practically 5 instances larger than the outdated cap, they haven’t at all times been that prime prior to now yr.

In May 2022, RRO charges from all the utilities hovered round 10 cents per kWh.

The province’s affordability motion plan web site advises Albertans might swap to a hard and fast price, which is obtainable on a time period contract. Current charges on five-year phrases from the businesses talked about above vary from 12.6 to 16.2 cents per kWh.

Utilities additionally supply pure gasoline fastened price contracts.

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