Starting next month, homeowners and small business owners will be paying more for electricity.

The new prices will be in effect from May 1 until October 31.

Hydro officials say consumers will be paying 0.3 cents more per kilowatt hour during off-peak and mid-peak hours and  0.6 cents more during peak hours.

Allan Findlay with the Ontario Energy Board says this is about a 2.4 per cent  increase.

“For the typical household consumer that would be an increase of approximately $2.83 on the electricity line or the bill,” he explains.

The energy board reviews prices twice per year based on updated estimates of costs.

The market price of natural gas rose during the long winter, but that impact was somewhat cushioned by previously signed contracts with natural gas and other generators.