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Canadian home energy costs are expected to rise by 100% this winter.

Canadian home energy costs are expected to rise by 100% this winter.

By Omayma othmani

Published: October 15, 2022

It is expected that the increase in Canadian household energy costs this winter will range between 50 and 100 percent on average. Joel MacDonald told CTVNews.ca in a phone interview on Friday: "In general, Canadians will join the global community in seeing naturally high electricity bills." According to Statistics Canada, most Canadians (61 percent) use traditional gas-powered heating methods. While some others (a smaller percentage, 29 percent) use electric appliances. Others use different methods. The Russia-Ukraine war has reduced global natural gas supplies. As a result, the United States increased its natural gas exports to Europe, and Canada increased its exports to the United States, reducing its stock. MacDonald said natural gas is five times more expensive in Europe than in Canada, but with the decline in Canadian stock, this will change, and the Canadian market and natural gas prices in Canada will begin to move closer to the high global price. Also, Leslie told CTVNews.ca in a phone interview on Friday: "The forecast indicates that the weather will be cold, thus increasing demand and raising prices. It is also widely recognized that setting a price for carbon pollution is the most effective way to reduce greenhouse gases, but this can translate into huge household bills." For example, the cost of natural gas in Alberta in July last year was $5.44 per gigajoule, then in mid-2008, it peaked at $9.84 before falling again. In late 2005 and early 2001, it exceeded $11 and was associated with increased demand, which is directly linked to higher prices. The analyst (MacDonald) added: "Natural gas trading from 2000 to 2010 was around $6 per gigajoule, then last year saw a return to the $6 mark per gigajoule, but we expect it to rise further this winter."

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