Changes to the Easymax residential floating electricity rate
Easymax recently updated its floating electricity rate for homes. Here’s what you need to know.
On November 17, 2024, a new Easymax® floating electricity rate for residential homes was launched and is now the floating electricity rate available to residential customers. The change was made to give customers distinct options for their electricity rate, including a floating rate that moves with the market as well as fixed rates that are guaranteed for the length of the chosen term.
Why the floating electricity rate changed
Before January 1, 2025, the Easymax floating electricity rate for homes was matched to the Regulated Rate Option (RRO). On April 28, 2024, the provincial government announced changes to the RRO, including renaming it to the Rate of Last Resort and an intention to set the default rate to change every two years instead of monthly. This meant the Easymax floating rate would only change every two years, making it more like a fixed rate. We wanted to continue offering a floating rate that followed the market.
What is the new rate
The new Easymax floating electricity rate for homes is indexed to the hourly market price. A transaction fee applies.
Learn more about the new Easymax residential floating electricity rate here.
What’s different
- The floating electricity rate is now indexed to the market rate, meaning it follows hourly market prices. When that price goes up or down, the Easymax floating electricity rate follows.
- Previously, when the floating rate matched the RRO, you would know the rate at the beginning of each month before using the electricity. Now, the rate is measured throughout the month, and your overall rate isn’t calculated until the end of your billing cycle after you have used the electricity.
What is the same
- You can still switch between available fixed and floating rates once per month without penalty.
- Easymax floating electricity plans for small and medium businesses did not change. They were already indexed to the market rate.
How to choose the floating electricity rate
- New customers can visit easymax.ca to sign up.
- Current Easymax customers can login to their online account to see the rates available to them, including the new floating electricity rate.