Eversource announced Wednesday it has applied for a rate adjustment on electric rates that would cut costs for customers beginning in July, according to the energy provider.
The company filed a new Standard Service rate with the state’s Public Utilities Regulatory Authority (PURA) that would take effect July 1 and last through December 31.
If approved, customers would see a reduction from 24.12 cents per kilowatt-hour to 13.82 cents per kilowatt-hour, the company said.
Last summer, Eversource customers paid 12.19 cents per kilowatt-hour.
“The volatility in the energy markets has hit our customers hard in the last year, so we’re pleased to let our customers know about the new rate that will provide some relief in energy prices this summer,” said Eversource President of Electric Operations in Connecticut Steve Sullivan in a news release.
As part of the rate change request, Eversource has also requested an increase in the amount it charges for delivery of the electricity. If PURA approves the increase, customers will see the delivery charge go from $0.11751 cents per kilowatt-hour to $0.14107 cents per kilowatt-hour, or an increase of about $16 for customers using the normal average of about 700 kwh per month, the company said. Part of the increase is also due to the expiration of a $12 per month credit that was instituted in January to help ease the burden of high energy costs.
If both the supply rate and delivery rate changes are approved, customers signed up for Standard Service and using an average of 700 kwh per month will see a reduction in their monthly bill of about $56, according to Eversource.
United Illuminating customers can also expect to see prices decrease. A spokesperson said customers with an average monthly bill will see a decrease of approximately $28.
“The energy generation rates that went into effect in January have been challenging for our customers, so we are pleased to file this updated Standard Service rate with PURA that will bring lower prices for our customers on the generation portion of their bill over the next six months,” said UI President and CEO Frank Reynolds. “While a lower generation rate beginning in July is welcome news for customers, our region remains at the mercy of a New England energy market that faces significant issues.”
UI said they anticipate that their Standard Service rate will decrease from 21.94 to 14.37 cents per Kilowatt hour starting on July 1. They said customers can expect a 35% bill decrease.
Sullivan also reminded customers to be aware that electricity usage increases in the summer months.
“It’s important to remember though, on average, Connecticut customers use 35% more electricity during the summer months with air conditioners, fans and other appliances working overtime to keep things cool inside,” he said.
The company also wants customers to know that even though energy costs have dropped, the market continues to be volatile and people should expect higher supply costs coming this winter.
Read More: Eversource Applies For Rate Cuts Beginning in July – NBC Connecticut