This rate adjustment has recently been approved by the Ontario Energy Board and an average residential customer using 800kWh of electricity per month will see overall bill drop by 51 cents per month or about $6 per year.
The company said that the rate decrease will be prorated so that energy consumed prior to 1 August will be billed at the former rates.
A capital budget of $379m has also been approved by the Ontario Energy Board and it includes funding for the renewal and refurbishment of aging power distribution grid equipment, and the hiring of electrical trades apprentices to replace retiring tradespersons.
Toronto Hydro said it has invested over $1bn in grid and workforce renewal since 2007.
