Electric customers of Eversource could receive a pleasant surprise from the utility as the weather warms up with people ready to flip the switches on their air conditioners.
On Friday, Eversource announced it has filed with the Public Utilities Regulatory Authority a request to pass on its savings from dropping electricity prices to its Connecticut customers. If approved, the average supply rate for Standard Service customers will decrease from the current 12.42 cents per kilowatt-hour (kWh) to 8.25 cents, a savings of almost 20 percent, according to the utility.
This means an average residential customer using 700 kWh monthly will see a reduction of almost $31 in their monthly bill. The new rates would be in effect from July 1 through Dec. 31.
“The historically high prices we’ve been paying to electricity generators have made this a very difficult winter for most customers in the region,” Penni Conner, Senior Vice President and Chief Customer Officer at Eversource, said in a statement. “With prices now falling back to levels even better than a year ago at this time, we’re thrilled to pass along the savings to our customers at the time of year when air conditioner use will be at its peak.”
As a regulated energy distribution company, Eversource purchases electricity from wholesale suppliers on behalf of its customers and passes the cost directly to them with no profit to the company. By law, the Standard Service price changes twice a year, on Jan. 1 and July 1. All Eversource customers have the option to buy their power from other retail suppliers or go with the company’s Standard Service rate. The new rate will affect approximately 801,000 or 64 percent of Eversource’s 1.25 million Connecticut customers and is separate from the company’s delivery rates.