Winter Energy Prices to Drop for Oxford Residents: Eversource

Some good news on the financial front this holiday season, courtesy of Eversource.

Eversource is delivering welcome savings to its customers in Connecticut after PURA approved electricity prices from power suppliers that are 24 percent lower than last winter’s historic highs.

The company’s Standard Service supply rate of 9.56 cents per kilowatt-hour will go into effect on January 1st and represents a direct pass-through cost to customers for the price of generating power.

While New England still faces significant constraints on natural gas supplies that affect the price of electricity, Eversource said in a prepared statement that it is pleased to be able to pass this winter’s price reduction on to its customers.

“This is great news for our customers, but we are also mindful of the volatile nature of the energy markets as well as the fact that New England continues to experience higher energy prices compared to most other areas of the country,” said Penni Conner, Senior Vice President and Chief Customer Officer at Eversource Energy in a prepared statement.

“Until new energy infrastructure is in place to relieve constraints and to lessen the region’s reliance on natural gas, we can expect to experience these price swings. In the meantime, customers have the opportunity to shop for supply prices; and we offer a wide variety of energy efficiency programs and budget billing and payment options to help them save energy and money.”

In July of this year, the Standard Service supply charge dropped to 8.23 cents per kilowatt-hour from 12.63 last winter, due in large part to the fact that demand for natural gas is not as high during summer and fall months as it is in the colder months.

As a regulated electric delivery company in Connecticut, Eversource purchases electricity from power suppliers and passes the cost, with no profit added, directly to customers who choose to be on the company’s Standard Service supply option.

Customers who choose not to buy their electricity supply from Eversource have the option to buy it from a third-party company that also contracts for energy from electricity suppliers.

Customers can find out more information about alternate suppliers and rates at http://www.energizect.com/compare-energy-suppliers.

More than half of New England’s electricity is now produced using natural gas. Therefore, most energy suppliers are facing higher costs due to constraints on the regional natural gas pipelines and growing dependency on gas to produce electricity. While these constraints will continue to affect electricity customers in the near-term, Eversource Energy is pursuing strategic projects to help solve these challenges.

To that end, Eversource, Spectra Energy, and National Grid are proposing the Access Northeast project to expand the region’s natural gas capacity using existing pipeline routes. The company’s proposed Northern Pass Project will bring clean and low-cost energy from Hydro-Quebec’s world-class hydroelectric plants to New Hampshire and New England.

The graphic above explains Eversource’s role in providing reliable energy to its Connecticut customers.