Electricity supply prices will drop
Eversource customers could see a drop in their utility rates. The utility submitted its proposed supply prices for the second half of 2018 to the Connecticut Public Utilities Regulatory Authority (PURA) last week and customers signed up for the company’s Standard Service generation rate will see a decrease on their electric bill beginning July 1.
PURA approved the new residential Generation Service Charge (GSC) of 8.530 cents per kilowatt-hour (kWh), down from the current 9.078 cents per kilowatt-hour. This is a direct pass-through cost to customers for the price of power generation, with no profit to the company, a press release from Eversource said.
The new generation rate will be in effect from July 1 to Dec. 31. The average residential customer using 700 kilowatt hours of electricity each month will see a decrease of approximately $3.84 per month on the supply portion of their bill. Each customer’s total bill depends on how much energy they use, their rate category, and weather conditions.
Under the state law that deregulated electricity, utilities like Eversource bid twice a year for power supplies, award contracts to low bidders, and pass along the costs to customers without marking them up. The Standard Service price changes 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. Customers can find out more information about alternate suppliers and rates at http://www.energizect.com/compare-energy-suppliers.
More information may be found at Eversource.com.