Hourly Ontario Energy Price (HOEP)

The wholesale price of electricity is determined in the real-time market administered by the IESO. All electricity consumers in Ontario pay the wholesale price, also referred to as the commodity price, except for those who have entered into a retail contract. The IESO calculates the hourly Ontario energy price (HOEP), which is charged to large consumers that participate in the market, as well as local distribution companies (LDCs) who recover it from the subset of customers that pay the market price.

 

The HOEP is the average of the twelve market clearing prices (MCP) set in each hour. A new MCP is set every five minutes. Averages are weighted by the amount of electricity used throughout the province within each hour. Below is the average weighted hourly price for the current and previous year.

Average Weighted Hourly Price (¢/kWh)

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2024 4.33 2.84 2.89 2.91 2.84 3.14 3.78 3.87        
2023 3.40 2.36 2.52 2.11 1.75 3.03 4.04 3.14 3.96 3.14 3.04 3.09
2022 4.43 4.08 3.82 2.90 3.32 3.89 6.06 8.58 6.16 4.54 3.20 5.59
2021 1.74 3.38 1.76 0.89 1.46 2.69 2.76 4.34 3.07 4.00 4.04 3.56
2020 1.48 1.45 1.39 0.61 0.83 1.25 2.05 1.94 1.44 1.13 1.05 1.60

This table is updated from the HOEP Monthly Averages, 2002-Present reports found in the Data Directory.

For historical prices in kWh, see Data Directory (Price - Hourly Ontario Energy Price)

For reporting in MWh, see Data Directory (Price - Global Adjustment Report)