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Are Alberta electricity rates going down?

Updated on November 1, 2024

3-minute read

Are Alberta electricity rates going down?

Updated on November 1, 2024

3-minute read

While electricity prices hit all-time highs in Alberta in 2023, it has stabilized now and is forecasted* to remain low for the rest of 2024.

Couple reviewing Alberta electricity rates on their bill
Couple reviewing Alberta electricity rates on their bill
Couple reviewing Alberta electricity rates on their bill

Why are electricity rates in Alberta suddenly decreasing?

According to the Alberta Electricity System Operator (AESO), they are estimating more than 2700 megawatts of new gas generation in 2024, which is the largest addition of natural gas-fired power to Alberta's grid in a single year! The increased availability of natural gas enhances our grid's capacity and reliability, contributing to overall lower electricity prices for Albertans.

View fixed rates**

 

Should I still choose a fixed-rate electricity plan?

Now that electricity prices in Alberta have stabilized, it's a great time to lock in at a low rate which you can hold onto for the next 5 years. By signing up for a guaranteed fixed rate, you can avoid future market volatility and enjoy rate stability for as long as you need it.

Plus, we have no enrollment or exit fees. So that means that when rates drop below your fixed rate, you can always switch to a floating rate plan and take advantage of that lower rate.

But when you're paying a fixed rate every month, you don't have to worry about any surprises! Nothing beats peace of mind.

 

Customers are free to purchase natural gas services or electricity services from a retailer of their choice. For a list of retailers, visit ucahelps.alberta.ca or call 310-4822 (toll free in Alberta).

*The forecast is based on the current forward wholesale electricity price curve on October 25, 2024.

**Direct Energy's 2 Year Simple One Electricity Plan as of November 1, 2024.

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