Eversource CEO: Winter Charges Could Possibly Jump 20 to 40 Percent

CONNECTICUT — The corporate head of Eversource Energy said this week that Connecticut electricity customers may have to endure price hikes that could "possibly" reach 40 percent during the winter.

The culprit is the supply charge, Eversource spokesman Mitch Gross said Friday.

In a conference call with financial analysts, Eversource CEO Joe Nolan outlined increases that could reach "20, 30 or 40 percent," as a result of global market prices.

Gross said the supply related rates are adjusted twice a year with the Connecticut Public Utilities Regulatory Authority or PURA — on July 1 and on Jan. 1.

"Given where prices are today, it looks like the supply rate will definitely be up," Gross said. "We won't have the exact rate until we file with PURA, but, as the numbers were being finalized, we will know in the next couple of weeks."

Gross said he expects to see supply charge increases across New England.

In Connecticut, the standard Eversource rate is now 12.05 cents per kilowatt-hour.

In a news release, Eversource encouraged all of its customers to contact the company (800-286-2828) about qualification for payment assistance designed to protect them from having their service disconnection and reduce their overdue balances.

A four-person household with an annual income of about $76,000 is eligible, according to utility standards. Webinars on the program are slated for Nov. 17, Dec. 1 and Dec. 8 at noon and customers can sign up on the Eversource website.

Nolan hinted on the call that natural gas prices this winter could surge by 20 percent.

Speculation aside, Gross said November gas rates are down compared to October by 6 percent. The rate in October was $1.0504 per hundreds of cubic feet, and it's down to $0.9830 for November. Gross said it's all relative because usage tends to go up as the weather gets colder. A warm beginning to November will help, Gross said.