Major electricity retailers must now offer time-of-use pricing plans to residential and small business customers under new regulations that took effect today.
Energy Minister Simeon Brown announced the Electricity Authority is mandating the requirement, replacing the previous model where most households paid a single flat rate regardless of when they used power, despite generation costs fluctuating throughout the day.
Under the plans, customers will face three pricing tiers: peak rates during high-demand hours from 7am to 10am and 5pm to 9pm, moderate shoulder rates from 10am to 5pm and 9pm to 11pm, and the lowest night rates from 11pm to 7am.
The regulations also apply to power exported to the grid by households with solar panels and batteries. Customers sending electricity back during peak periods can receive higher payments under time-of-use export pricing.
The change follows an increase in household export limits from 5kW to 10kW.