Eversource Energy is the new name of the former Yankee Gas and Connecticut Light and Power.
With electricity prices dropping from their historic highs, Eversource this week filed with the Public Utilities Regulatory Authority to pass the savings on to its Connecticut customers. If approved, the average supply rate for Standard Service customers will decrease from the current 12.42 cents per kilowatt-hour (kWh) to 8.25 cents, a savings of almost 20 percent. This means an average residential customer using 700 kWh monthly will see a reduction of almost $31.00 in their monthly bill. The new rates would be in effect from July 1st through December 31.
“The historically high prices we’ve been paying to electricity generators have made this a very difficult winter for most customers in the region,” said Penni Conner, Senior Vice President and Chief Customer Officer at Eversource. “With prices now falling back to levels even better than a year ago at this time, we’re thrilled to pass along the savings to our customers at the time of year when air conditioner use will be at its peak.”
As a regulated energy distribution company, Eversource, formerly known as CL&P, purchases electricity from wholesale suppliers on behalf of its customers and passes the cost directly to them with no profit to the company. By law, the Standard Service price changes twice a year, on January 1st and July 1st. All Eversource customers have the option to buy their power from other retail suppliers or go with the company’s Standard Service rate. The new rate will affect approximately 801,000 or 64 percent of Eversource’s 1.25 million Connecticut customers and is separate from the company’s delivery rates.
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