Energy company files 39% lower supply rate compared to last winter
As energy market volatility continues, Eversource customers can expect to pay less this winter than last on the supply portion of their bill. Energy prices hit historic highs in New England last year due to international factors that affect the seasonal cost of natural gas, which is used to produce roughly half of New England’s electricity. Today the energy company filed new electric supply prices from power generators with Connecticut’s Public Utilities Regulatory Authority (PURA) that would be 39% lower than last winter. If approved, the new Standard Service rate for residential customers who receive their energy supply from Eversource will be 14.71cents per kWh – significantly lower than last winter’s supply rate of 24.17 cents per kWh. This is a slight increase from the current summer rate of 13.82 cents per kWh. If approved by PURA, the new Standard Service Rate would be in effect from January 1 to June 30, 2024.
The energy company reminds customers they can shop, sign up, and save by comparing options offered by third-party suppliers on EnergizeCT.com. Those who’ve never shopped before can find help navigating the process by going to Eversource.com/supplier.
“We want to make sure customers know they can choose their energy supplier and lock in a lower rate,” said Eversource President of Electric Operations in Connecticut Steve Sullivan. “We always purchase energy at the best possible price available to us, but oftentimes there are third-party suppliers offering even lower rates. These suppliers have more flexible contracts with generators – which allows them to offer more pricing options to customers. Eversource is prohibited from generating electricity which is laid out in state law. Shopping around is one of the easiest ways customers can save on their energy bill, and we hope they’ll take advantage of it.”
In Connecticut, the energy supply price changes twice a year – January 1 and July 1. Eversource does not earn a profit on the cost of electricity. The company only charges customers what it pays generators for producing the power and there is no markup. A customer’s total bill will depend on how much energy is used, their rate category, and weather conditions. If the proposed Standard Service rate is approved by PURA, on average, an Eversource residential electric customer who uses 700 kilowatt hours of power each month could see an increase of approximately 3.2% over their current monthly bill – approximately $6.24 per month – on the supply portion of the bill.
Help is available for customers who need it:
Eversource encourages all customers to contact the energy company at Eversource.com/Billhelp or 800-286-2828 to find out if one of the programs below could be beneficial to them.
1. A new Low-Income Discount Rate will take effect December 1st, which gives customers with a financial hardship status either a 10% or 50% discount off their electric bill per month. Customers can qualify to receive the discount based on household income or receipt of a public assistance benefit. For example, if a customer has a $100 monthly bill, it would be $10 less if they receive a 10% discount or $50 less if they receive the 50% discount.
2. The New Start Program can help customers pay their past due balance in as little as 12 months. If customers make their monthly payments on time, we will subtract some of what is owed each month. (For example, if a customer’s budget payment amount is set at $150 per month and their past due balance is $1,200, for every month they make the required $150 payment towards their bill, we will reduce the past-due balance by $100.)
3. Budget Billing helps avoid seasonal spikes on a customer’s energy bill by letting them pay a fixed amount each month based on their average annual usage.
4. The Matching Payment Program can lower the amount customers owe on energy bills. For every dollar they pay and every dollar they receive from the Connecticut Energy Assistance Program, we will subtract a dollar from the amount owed.
5. Flexible Payment Plans are available to all customers to help pay their past-due balance over a period of time.
State regulations are being updated to enable customers with a hardship status on their account to switch to a third-party supplier beginning early next year. The energy company is also working with state regulators and evaluating the system changes needed to enable hardship customers to choose a third-party supplier and also receive the Low-Income Discount Rate. Customers can opt out of financial hardship or medical protection status in order to enroll with a supplier before January 1 by completing a form at Eversource.com/supplier.