Electricity prices expected to drop
With electricity prices dropping from their historic highs, Eversource filed with the Public Utilities Regulatory Authority to pass the savings on to its Connecticut customers. If approved, the average supply rate for standard service customers will decrease from the current $12.42 per kilowatt-hour (kwh) to $8.25, a savings of almost 20%. This means an average residential customer using 700 kwh monthly will see a reduction of almost $31 in his or her 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,” 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.”
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.