The Bulletin Board
Eversource electricity rates to decrease slightly but remain near historic highs
That 20-cent electricity rate would apply to residents and small-business customers if it is approved. (Courtesy of Eversource)
Eversource, the state’s largest utility, on Thursday requested new electricity rates for its small customers. The new rates, which would still remain near all-time highs, represent a 2 cent per kilowatt hour decrease compared to the current rate of 22 cents per kilowatt hour.
That 20-cent rate would apply to residents and small-business customers if it is approved. But it is still double what the rate was just one year ago. “Don’t dance in the streets over this,” said Consumer Advocate Don Kreis in a tweet. That rate would take effect in February and last through July. It would decrease a typical household’s energy bill by around $15 per month.
“While this decrease in electric supply costs is encouraging, global market volatility continues to keep prices near all-time highs and pose significant challenges for our customers,” said Penni Conner, an executive vice president at Eversource in a written statement.
“Our customers in New Hampshire have already faced the unprecedented impact of all-time high energy supply costs earlier than most this year, and we know how frustrated they are as rising costs for other basic, daily needs persist throughout the economy as well,” she said.
Eversource had warned last month of concerns that bids could be extremely limited or excessively expensive. That only partially came to fruition. While rates for small customers will go down, in its Friday filing Eversource said the energy bid for large customers “partially failed.” That’s because companies only bid on half the load, or demand, that Eversource was trying to cover.
As a remedy, Eversource is asking to go out to market a second time and put out a second request for proposal for a bidder to cover the remaining energy needs. Final offers would be due on Jan. 10, 2023, Eversource would propose rates to the PUC by Jan. 12, and it would ask the PUC to either approve or deny its request by Jan. 19.
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