LONDON, ONT. -- New electricity prices allowing residential and small business customers has been introduced in London, effective November 1.

The Ontario Energy Board (OEB) now allows customers to choose between Time-of-Use (TOU) or Tiered price plans.

A price plan comparison tool by London Hydro let's customers see the difference in the payment options.

'MyLondonHydro' through London Hydro provides a personalized comparison based on the customers historical usage.

The TOU price will depend on when electricity is being used while Tiered pricing allows for a certain amount of electricity to be used at a lower price, however if exceeded a higher price will applied.

All customers are encouraged to visit their website to see what price works for them.