NH Electric Cooperative announces rate decrease starting Aug. 1

Members of the New Hampshire Electric Cooperative will see a rate cut later this summer, as approved by the board of directors this week.

The new co-op power rate will be 11.42 cents per kilowatt hour, starting Aug. 1.

Typical members who use 500 kilowatt hours of electricity per month will see a bill decrease of 7 percent, or just over $10 per month, while a member using 1,000 kilowatt hours will see a decrease of 8 percent. The new rate will be in effect through Jan. 31, 2024.

August’s decrease will come after cooperative members in February saw their total bills drop by 9.3 percent. 

“One of the best things an electric cooperative can do for its members and communities is to keep electric rates affordable,” said NHEC President and CEO Alyssa Clemsen Roberts. “That’s been a challenge in New Hampshire recently, and we’re very pleased to be able to offer another rate decrease to our members.”

New Hampshire’s other utility companies have also announced significant decreases from winter costs, as liquified natural gas prices have since stabilized. New England doesn’t produce any of its own natural gas, and so found itself in a tough situation over the last year: being largely dependent on an imported global commodity that’s subject to changing market forces. Utilities have warned that costs will very likely rise again next winter. 

Earlier this month, Eversource announced its proposed default electric service rate for Aug. 1, which is a 38 percent decrease from its current rate, while Unitil proposed a close to 50 percent decrease from its current rate.

Unlike the member-owned New Hampshire Electric Cooperative, Eversource, Unitil, and Liberty Utilities have their rates approved by the state’s Public Utilities Commission.