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TORONTO - The Ontario government is helping large industrial and commercial companies return to full levels of operation without the fear of electricity costs spiking by providing more stable electricity pricing for two years. Effective immediately, companies that participate in the Industrial Conservation Initiative (ICI) will not be required to reduce their electricity usage during peak hours, as their proportion of Global Adjustment (GA) charges for these companies will be frozen.
"Ontario's industrial and commercial electricity consumers continue to experience unprecedented economic challenges during COVID-19," said Greg Rickford, Minister of Energy, Northern Development and Mines. "Today's announcement will allow large industrial employers to focus on getting their operations up and running and employees back to work, instead of adjusting operations in response to peak electricity demand hours."
Due to COVID-19, electricity consumption in Ontario has been below average and the province is forecast to have a reliable supply of electricity to accommodate increased usage. Peak hours generally occur during the summer when the weather is hot and electricity demand from cooling systems is high.
In TORONTO-The Ontario, stable electricity prices can help the operation of industry and commerce, so how does Japan's electricity price reform affect the economy?
Woojong Jung made a study on the impact of electric power pricing reforms on the Japanese economy. This study simulated the impact on electric power prices using three potential scenarios for Japan. According to the study results, the corporate goods price index (CGPI) was found to be larger than the consumer price index (CPI) in all cases, and the increase in electric power prices had a significant impact on industry.
In general, the impact of both CGPI and CPI on firms was non-significant; therefore, these can be said to have limited impact in this analysis. The cost of policies that maintain safety, the increase in costs owing to overseas import of fossil fuels, and the cost of promoting renewable energy in conjunction with reutilization of nuclear power plants, leading to increased electric power prices, will also be considered in the future.
Read the full paper at the journal of Business Administration and Management:
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