If you signed up for a fixed-rate electricity or natural gas plan with Peace Power, you locked in price stability for a defined period of time. That stability is one of the biggest reasons Albertans choose fixed-rate plans in the first place. But every fixed term has an end date, and what you do when that date approaches has a real impact on your bill for the months and years that follow.
Most customers do not think much about contract renewal until a notice arrives in the mail or in their inbox. The good news is that the process is simpler than it sounds, and a few minutes of attention can save you a meaningful amount of money. Here is what every Peace Power customer should know about renewing a fixed-term contract in Alberta.
What Actually Happens When Your Term Ends
Most fixed-rate contracts in Alberta are set up so that, when the term expires, the customer is automatically moved to a default or variable rate unless they choose to renew at a new fixed rate. That default rate is rarely the most competitive option on the market, and it usually exposes you to month-to-month fluctuations rather than the price stability you originally signed up for.
Renewal is the moment to make a deliberate choice rather than allowing your account to roll into whatever the next default happens to be. You generally have three options at renewal: lock in a new fixed-term rate, move to a variable rate, or switch providers entirely. Each option has trade-offs, and the right one depends on the market, your household, and your tolerance for monthly variation.
Your Old Rate Will Not Be Waiting for You
This is the single most important thing to understand before renewing. Whatever rate you locked in one, two, or five years ago reflected market conditions at that exact moment. By the time your term ends, the wholesale market, regulatory environment, and competitive landscape will all have moved. Your previous rate is almost never available again, even from the same provider.
That is not bad news. It is simply how every electricity and natural gas contract works in a deregulated market like Alberta’s. The current rates available today may be higher or lower than what you were paying. Either way, the right move is to look at what is actually on offer right now rather than hoping to renew at yesterday’s price. You can review our current Peace Power rates anytime at https://peacepower.ca/rates.
A Simple Renewal Checklist
Whether you choose to renew with Peace Power or compare options elsewhere, the process becomes much easier when you work through it in order. Here is a quick checklist we recommend:
- Find your contract end date on a recent bill or in your renewal notice from Peace Power.
- Review your current rate for both electricity and natural gas, as a per-unit price and as part of your overall monthly bill.
- Visit peacepower.ca/rates to compare current fixed and variable options.
- Decide how much price certainty you want for the next one, two, or five years given where the market sits today.
- Confirm any administrative fees, exit terms, and contract length before signing.
- Take action before your renewal deadline so you are not automatically moved onto a default plan.
Five or ten minutes of attention here is one of the highest-return things you can do for your household budget.
When a Fixed-Rate Renewal Makes Sense
Renewing into a new fixed-term plan is the right choice when you value predictability, when you do not want to monitor the market month to month, and when current rates are at a level you would be comfortable paying for the next several years. Customers with tight monthly budgets, fixed incomes, or large heating loads in winter often prefer the certainty of locking in. Fixed plans also tend to suit small business owners and landlords, where consistent operating costs matter more than the chance of saving a few dollars on a particularly cheap month.
When a Variable Rate Might Be Worth Considering
Variable plans can make sense when you believe rates are trending downward, when you want to keep your options open, or when your usage is light enough that small monthly fluctuations will not strain your budget. Variable customers need to be comfortable with the reality that some months will be cheaper than a fixed plan and some months will be more expensive, sometimes by quite a bit.
The Peace Power Approach to Renewal
At Peace Power, renewal should be a transparent, no-pressure conversation. Our team can walk you through your past usage, the rates currently on offer, and the trade-offs between locking in and going variable, with none of the hidden fees or fine-print surprises that have made Albertans skeptical of the energy market. We have built our reputation on being honest about the market rather than aggressive about the sale, and renewal is no exception.
If your fixed term is approaching its end, take a few minutes to review our current rates or reach out to our team. The right plan for the next chapter of your home or business is rarely the same plan that suited you a few years ago, and a deliberate decision today will keep your utility costs working for you instead of against you.