Eversource customers will pay a little bit less for their electricity this winter than last, but a little bit more than during the summer.
The Public Utilities Regulatory Authority (PURA) today, Nov. 3, approved electricity prices from power suppliers that are 18% lower than last winter, the lowest winter rate since 2013.
According to Eversource Energy, the residential standard service supply price will be 7.87 cents per kilowatt-hour, down from last winter’s 9.56 cents, as of Jan. 1. This is a direct pass-through cost to customers for the price of generating power.
“While New England continues to experience many energy challenges, this winter price cut is good news for our customers as the weather gets colder and the nights get longer,” said Penni Conner, senior vice president and chief customer officer at Eversource. “It’s also important to remember we offer a variety of energy efficiency programs that can help customers save energy and money year-round, along with convenient monthly payment options.”
The new generation rate will be in effect through June 30. On average, a residential customer who uses 700 kilowatt hours of electricity each month will see a reduction of approximately $12 per month, compared to last winter, on the supply portion of their bill, Eversource said. How much a customer actually pays will depend on how much energy is used, the rate category, and weather conditions through the heating season.
In July of this year, the standard service supply charge dropped to 6.61 cents per kilowatt-hour, due in large part to the fact that demand for natural gas is not as high during summer and fall months as it is in the winter, according to Eversource.
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 state law, the standard service price changes twice a year — Jan. 1 and July 1. All Eversource customers have the option to buy their power through the company or from a retail supplier. Customers can find out more information about alternate suppliers and rates at http://www.energizect.com/compare-energy-suppliers.