Eversource: Winter Supply Rates Dropping, But Bills Rising Slightly

CONNECTICUT — Though supply rates will be going down this winter, northern Connecticut residents will likely see a slight increase to their electricity bills in the colder months.

Eversource Energy made an announcements Friday about winter bills.

In Connecticut, the energy supply price changes twice a year – January 1 and July 1.

Eversource officials said as energy market volatility continues, customers can expect to pay less this winter than in 2022-23 on the supply portion of their bills. Energy prices hit "historic highs" in New England last year, due to international factors that affect the seasonal cost of natural gas, which is used to produce roughly half of New England’s electricity, utility officials said.

On Friday, energy company filed new electric supply prices from power generators with the Connecticut Public Utilities Regulatory Authority that would be 39 percent lower than last winter. If approved, the new Standard Service rate for residential customers who receive their energy supply from Eversource will be 14.71cents per kWh – significantly lower than last winter's supply rate of 24.17 cents per kWh.

It is a slight increase from the current summer rate of 13.82 cents per kilowatt-hour. If approved by PURA, the new Standard Service Rate would be in effect from January 1 to June 30, 2024.

Eversource does not earn a profit on the cost of electricity. The company charges customers what it pays generators for producing the power and there is no markup, officials said.

Officials added that customers' total bills will depend on how much energy is used, their rate category, and weather conditions. If the proposed Standard Service rate is approved by PURA, on average, an Eversource residential electric customer who uses 700 kilowatt hours of power each month could see an increase of about 3.2 percent over their current monthly bill – approximately $6.24 per month – on the supply portion of the bill, officials said.

Eversource was also encouraging all customers to contact the energy company at Eversource.com/Billhelp or 800-286-2828 to find out if its budget programs could be beneficial to them.