Medicine Hat’s interim ‘best-of-market’ electricity rate starts, drops 8 cents
MEDICINE HAT, AB – One of the city’s stopgap measures in response to a dramatic rise in electricity costs this year started Wednesday with an 8 cent drop.
The use of a determined “best-of-market rate” in Medicine Hat was approved by city council in October and is in place until next steps are taken starting in December.
This new rate will not exceed a maximum of 11 cents per kilowatt hour or go below a minimum of 7 cents per kilowatt hour under the new policy.
Under the new formula, the electricity rate dropped from $0.18930 per kilowatt hour in October to $0.10900 per kilowatt hour starting November, according to the city.