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As an electricity consumer
in Ontario, you can choose to remain on the Regulated Price Plan or
purchase your power through an electricity retailer. What works
best for you depends on your preference - similar to choosing
between a variable or fixed rate mortgage.
If you purchase your power through E.L.K.,
the prices on the "Electricity" line of your bill are set by the Ontario
Energy Board every six months. At any time, the prices may be
different than those offered by a retailer. Consumers who are
comfortable with periodic changes in prices may choose to continue to
purchase their electricity through their utility under the Regulated
Price Plan. A fixed
price contract with an electricity retailer can let you know what you'll
pay for your electricity supply from month-to-month or year-to-year.
Key points:
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Electricity retailers
are independent businesses and are not part of E.L.K.
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You must be given a
written copy of the contract within 40 days of the date you signed
it. Read your contract carefully. Once you've signed and
reaffirmed, you're bound by the provisions in the contract.
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Once you get your copy
of the contract, you have a 10-day "cooling off" period under the
Consumer Protection Act if you choose to cancel your contract
with the retailer.
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You must reaffirm your
decision with the retailer. You may actively contact the
retailer to reaffirm or the retailer may contact you. This
step happens between the 10th and 60th day after receiving your copy
of the contract. If you choose not to reaffirm, the contract
ends on the 61st day after the date a copy of the contract was
delivered to you.
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If you initiate the
contract with a retailer, the cooling off period and reaffirmation
provisions do not apply.
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Electricity contracts
cannot be automatically renewed. Near the end of the term of
your contract, the retailer may offer to renew your contract or to
sign you to a new agreement. If you don't wish to renew your
contract or enter into a new contract, you don't need to respond to
the retailer's offer.
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Take time to fully
understand your options - don't feel rushed or pressured.
Still need more information?
Visit the
Ontario Energy Board website.
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