New Canaan: Your Electric Bills Are Going Down Starting July 1

With electricity prices dropping from historic highs, on Tuesday Eversource filed with the Public Utilities Regulatory Authority (PURA) to pass the savings on to its Connecticut customers.

In May, the Public Utilities Regulatory Authority (PURA) approved reducing the average supply rate for Standard Service customers with a decrease from the current 12.42 cents per kilowatt-hour (kWh) to 8.25 cents, a savings of nearly 20 percent, according to the utility. It means an average residential customer using 700 kWh monthly should see a reduction of almost $31 in their monthly bill, according to an Eversource statement. The new rates would be in effect from July 1 through Dec. 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,” Penni Conner, Eversource Senior Vice President and Chief Customer Officer, said in a statement. “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 purchases electricity from wholesale suppliers on behalf of its customers and passes the cost directly to them with no profit to the company. And by law, the Standard Service price changes twice a year, on Jan. 1 and July 1.

Photo credit: Flickr.com.

Standard service supply customers should see a reduction of almost 20 percent in their bills.