March 2, 2024

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Eversource proposes a 10% interest rate reduction for a small customer group

Patch News

CONCORD, New Hampshire — In a pleasant surprise, just in time for the holidays, Eversource has petitioned to cut electricity rates by 10.3 percent for its small group of customers for six months starting in February.

The default service rate for electricity, which fell from 10.669 cents per kilowatt-hour in July to 22.566 cents per kilowatt-hour in August and runs through January, will drop to 20.22 cents per kilowatt-hour if approved next week by the Public Utilities Commission. There was some concern that it could rise as the price of natural gas – the fuel mainly used to generate electricity now – has remained high.

Find out what’s happening across New HampshireWith free real-time updates from Patch.

But Gov. Chris Sununu said on Wednesday that the fact that it has been warmer than normal both here and in Europe has allowed some storage capacity to develop, which could ease demand and cost. to PUC on Thursday afternoon.

A price change hearing is scheduled for 9 a.m. this coming Tuesday, December 13th.

Find out what’s happening across New HampshireWith free real-time updates from Patch.

Jessica Chiavara, senior advisor to the state’s largest utility, wrote to Daniel Goldner, chair of the New Hampshire Public Utilities Commission, about the competitively purchased default energy service rate proposed to begin February 1, 2023.

“Eversource has purchased (energy service) customers for its small customer group for the period February 1, 2023, through July 31, 2023, and half the load for its large customer group at that time,” it said.

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“The ES flat rate for the period February 1, 2023 through July 31, 2023 for the small customer, category is $0.20221 per kWh. This represents a 10.3% decrease in rates compared to the current period of $0.22566 per kWh.

In New Hampshire, the energy supply rate—or default energy service rate—for Eversource customers changes twice annually on February 1 and August 1.

Preparing customers for a significant rise in their bills, Eversource writes on its website that “Unlike previous summers when supply rates typically fell, this year, customers who receive their energy supplies from us will see an unprecedented increase in the supply portion of their bill.”

On August 1, with this adjustment to the default energy service rate, on average, an Eversource residential electric customer in New Hampshire who uses 600 kilowatt-hours of energy per month will see an increase in total bill of approximately $67.63, or 50 percent. percent per month.

This significant increase is attributed to the record high prices of natural gas and energy supply pressures from the global economy. New England is particularly vulnerable to volatile energy supplies because natural gas is the primary fuel for electricity generation in the region.

“Eversource doesn’t make a profit on the cost of electricity – we charge customers what we pay for generators to produce the power,” she explained.

“Eversource is proposing a new default energy service rate of 20.2 cents per kilowatt-hour, which is down slightly from the current rate of 22.6 cents,” said Don Criss, a consumer advocate with the Office of the Consumer Advocate, adding, “If the PUC approves the new model bill rates it will be nearly 40% higher than in the same period last year.

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The state provides energy relief aid to customers who need it most.

There are now two DOE-run programs through the five regional community action programs contracted to the state. It includes a one-time $450 credit on heating assistance for families with incomes between 60% and 75% of median state income and a one-time credit of $200 on electric bills for families with between 60% and 75% of income. state average income.

In addition, the state has added money to support an existing electric assistance program for households whose income is less than 60% of the state’s median income. You must apply for heating assistance and an electric bill approval through your local Community Action agency by April 30, 2023.

There is also a Neighbor Helping Neighbor Fund for Eversource customers, people can donate and receive by writing the Neighbor Helping Neighbor Fund, PO Box 3804 Manchester, NH 03105-3804.

For the large customer class, suggested monthly rates cannot be offered at this time, Eversource told PUC as only one bid was received for 50 percent of the large customer load.

Once it has determined how to cover the second fifty percent of the load, Eversource will make the proposed rate available to the large customer group in a subsequent filing for review and approval by the committee. The approach to covering the remaining large customer load and how Eversource will achieve regulatory approval of the large customer rate is detailed in the included certification. in this deposit.

Accompanying the petition is a revised 69-page document that includes testimony and supporting materials by James R. Shakiro, Parker Littlehill, Luanne J. Lamontagne, and Marisa B. The results of the solicitation, required price adjustments and adjustments resulting in proposed retail prices will be charged to customers of Eversource ES.

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This story was originally published by NH depth.