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Apr. 20—Eversource, which raised electric bills statewide an average of $85 a month per household starting in January, now says it is poised to cut costs this summer.
Last year, Eversource had blamed the big rate increase on historically high energy prices tied to supply issues related largely to the war in Ukraine. But energy prices have come down dramatically since then, leading Eversource to announce plans to cut the standard service rate on customer bills on July 1.
"We're pleased to be able to let our customers know that relief is coming," said Eversource Vice President of Energy Supply James Daly in a release.
It is unclear exactly how dramatic the decline will be, but Eversource said in the release this week that it would be revealing the new rate in mid-May. But the lower rate may not last long. Eversource is already warning that supply costs may increase in the colder winter months starting later this year, affecting rates in early 2024.
Connecticut's energy costs are some of the highest in the country, fueled in part by reliance on natural gas to generate electricity and comparatively few renewable energy sources. While the state Public Utilities Regulatory Authority can question Eversource's delivery charges, as it has in the past, a law passed in 1998 took away its oversight authority over the supply side of the billing equation, which is based on market rate fluctuations on energy costs.
Eversource said it recognized that the lower electricity bills will still mean relatively high costs for customers. It suggested to anyone struggling to pay their bills to contact the company to find an assistance program that could help.To learn more, visit Eversource.com/billhelp.
"As we head into the summer months ... there are numerous energy efficiency solutions available on our website that can help customers reduce their usage, keeping their bills more affordable," Penni Conner, Eversource executive vice president, said in the release.