Submitted by Mitch Gross, Eversource
(April 19, 2023) — After energy supply prices reached historic highs in New England last year due to natural gas supply constraints following the war in Ukraine and other global pressures, Eversource is letting its customers know they can expect to see a decrease on their bills when the next adjustment to the Standard Service rate takes place in Connecticut on July 1, 2023. With energy supply markets in a downward trend, the energy company will file new electricity supply prices it receives from power suppliers with the Public Utilities Regulatory Authority in Connecticut after completing its procurement process as outlined in state regulations.
“We’re pleased to be able to let our customers know that relief is coming following historically high supply prices over the past year,” said Eversource Vice President of Energy Supply James Daly. “As we finalize the next purchase of the power supply for customers who are signed up for our Standard Service rate, we also recognize that any potential decrease from historic highs will still mean high costs for our customers and urge anyone who may be struggling with their bills to reach out so that we can work together to find the best assistance program or payment plan to help in their individual case.”
The positive news about supply costs for customers comes as international economic factors continue to play a significant role in the cost of natural gas, which provides the fuel for the majority of heat and electricity across Eversource’s three-state service area. While customers can expect a decrease to the supply rate when it changes in each state this summer, the energy company is also informing customers that they should expect continued market volatility and higher supply costs this coming winter. A customer’s total bill ultimately depends on how much energy is used, and the energy company is also reminding customers that, typically, usage significantly increases during the summer months when they run appliances like air conditioners to stay cool.
“As we head into the summer months, we advise our residential and commercial customers to take stock of their usage and how it can increase significantly when we run fans and air conditioners to stay cool, while also using other appliances,” said Eversource Executive Vice President of Customer Experience and Energy Strategy Penni Conner. “There are numerous energy efficiency solutions available on our website that can help customers reduce their usage, keeping their bills more affordable. Even those that feel like small actions can add up and help keep bills down when trying to stay cool this summer.”
“Now is also the time for customers to think about their energy spending, not just for this summer, but the fall and winter to come,” Conner continued. “We’re working one-on-one with our customers every day while also holding in-person events and webinars to assist customers with their bills and provide them resources and insights for savings. We want these important conversations to continue in the months ahead of the next heating season, which we expect to be similar to the most recent one when it comes to high energy supply costs and encourage our customers to continue engaging with us across these multi-channel opportunities.”
In each state of its service territory, the energy supply price for Eversource electric customers changes twice a year, representing the cost that Eversource pays generators for the power that customers use. Eversource only charges customers what it pays generators for producing the power – it does not earn a profit on the cost of electricity. The timeline and other details of the process differ in accordance with each state’s specific laws and regulations, contributing to supply prices that vary in line with the broader market in the different areas of Eversource’s service territory. In Connecticut, the Standard Service rate changes every January 1 and July 1. Eversource will file the July 1, 2023 rates with PURA in mid-May, and the new rate will be announced at that time.
Eversource encourages customers to enroll in one of its payment plans or assistance programs if they need help with their energy bills, and the energy company also offers energy efficiency solutions to help customers use less energy and better manage costs. Regular webinars are hosted to provide customers with more information about protection from service disconnection, programs to reduce unpaid balances with affordable monthly payments, extended payment plans and no-cost energy efficiency programs that can help lower energy usage. Customers can learn more information about the various programs available to help and view a recording of a past webinar at Eversource.com/billhelp.
