Utility prices for non-fixed customers to fall for month of May

By MEDICINE HAT NEWS on May 2, 2023.

https://www.medicinehatnews.com@MedicineHatNews

Floating utility prices for those without fixed-rate contracts are dropping in May, according to the new default rate posted by the City of Medicine Hat’s utility department.

Electricity, which sat at record highs this winter, will be charged at just under 14 cents per kilowatt hour in the month, plus a 1.9-cent repayment charge to recover amounts deferred under a provincial program.

That combined 15.75-cent rate is two cents less than April, and half of pricing in early 2023. It is also about even with the city’s current fixed-rate offering.

The price of natural gas for non-fixed customers will also fall, to $2.25 per gigajoule in May, compared to $3.57 in April.

Four out of five Medicine Hat customers signed six- or 12-month fixed power contracts since the summer of 2022, and revert to default prices at their conclusion. Contract rates are updated every quarter, most recently in April, offering that rate for the following 12 months.

Fixed rates that are available until July 1 are 15.79 cents for power and $4.87 for gas. Variable market contracts are also available.

Default prices in Medicine Hat are set monthly to match the average of other prices offered around the province.