Premier Doug Ford's office said Saturday that hydro rates will now be a flat 12.8 cents per kilowatt hour, regardless of the time of day.

The power utility says the profit amounted to 38 cents per diluted share for the quarter ended March 31 compared with a profit of 29 cents per diluted share a year ago.

Customers will continue to be billed at the lowest electricity price, called the "off-peak" rate, 24 hours a day, seven days a week, the government said.

The association representing Ontario's energy producers and distributors says the province should stop subsidizing the price of hydro and instead offer targeted help to customers who need it most.

Ontario Premier Doug Ford says the province is eliminating mid-peak and on-peak electricity rates giving residents who have been forced to stay home due to the COVID-19 outbreak the lowest rate available (off-peak) all day – for 45 days.

Ford says an expert group is currently working on solutions to bring down hydro rates, a key promise he made during the 2018 election.

Finance Minister Rod Phillips says the government will exceed the $4 billion it has previously budgeted to keep prices stable bringing the total spend to $5.6 billion.

The agency says rates are scheduled to increased by about $1.99 or 1.8 per cent for a typical residential customer who uses 700 kilowatt hours per month.

Ontario utility company Wyse Meter Solutions is changing its billing practices after regulators found its practices did not comply with provincial law.

Ontario’s NDP opposition hammered the Ford government Wednesday over a bill that removes regulations controlling the prices paid by more than 325,000 hydro customers in the province.