Eversource Customers to See 40% Price Hike for Electric Rates 20% for Gas | Follow Up
Going Solar in Connecticut or Massachusetts with Premier Improvements Solar has never made more cents. Eversource CEO Joe Nolan stated Thursday that Connecticut's electric customers could see their bills increase by about 40% in January. Natural gas customers could also see a rise of 20% to reflect global market prices.
EverSource Electric Rates 2023 in CT & MA Update
Nolan told WTNH this week that customers could see bill increases of up to 30 to 40 percent. However, his comments on Thursday in a conference call with investors suggested that electric customers would face a higher rate of around 40 percent.
Nolan stated Thursday that it is likely that rate increases in Connecticut or Massachusetts will be similar in magnitude to New Hampshire's rate hike in August. New Hampshire rates increased more than twice in August from 10.669 to 22.566 per kilowatt-hour.
Tricia Modifica, Eversource spokeswoman, stated that prices today propose that we will fall within this range. “But we won’t have the exact rate until the time comes to file the standard rate with PURA. We expect to do this within a few weeks.”
Connecticut Electric Rate Change
The standard Eversource rate in Connecticut is 12.05 cents per Kilowatt Hour. An average residential customer would use 700 kilowatt-hours of electricity each month to see their monthly bill rise from $177 to $247, or about 40%.
Nolan stated that he understood Eversource customers in New England are worried about energy costs this winter. He also acknowledged that it would be costly for customers who didn't lock in multi-year contracts to third-party electric suppliers in years past when rates were lower.
Nolan stated that while any rise in these times can be difficult for customers, he was looking at more substantial increases in the months before the recent pullback of natural gas prices.
Options on Connecticut's third-party electric supplier market Energize CT are not likely to be any better than a 40 percent increase in Eversource bills without locking into a multiyear contract.
Customers who sign a contract for more than six months run the risk of paying more to Eversource's summer supply rate adjustment. PURA has repeatedly warned that customers end up paying more to third-party suppliers.
New England's electricity is supplied largely by natural gas plants. The market price for gas drives electricity prices closely.
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