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If approved, the average supply rate for Standard Service customers will decrease from the current 12.42 cents per kilowatt-hour to 8.25 cents, a savings of almost 20 percent, Eversource said in a statement.
An average residential customer using 700 kWh monthly will see a reduction of almost $31 in their monthly bill, Eversource said. 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,” said Penni Conner, senior vice president and chief customer officer at Eversource. “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 and passes the cost directly to consumers 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 801,000 or 64 percent of Eversource’s 1.25 million Connecticut customers and is separate from the company’s delivery rates.
Customers at United Illuminating will also see a reduction in their bills this summer. of As of July 1, UI's residential generation rate will decrease from 13.3108 cents per kilowatt hour to 9.1241 cents per kilowatt hour.
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