Eversource aims to reduce rates in New Hampshire due to a decline in electricity generation costs. The utility has submitted a proposal to decrease supply rates from February onward.
Consumer advocate Donald Kreis expressed surprise and delight, emphasizing the significant cut compared to the previous year’s rates, which were over 20 cents per kilowatt hour. The current rate is 12.58 cents, and the proposed reduction would bring it down to 8.29 cents.
Eversource
Kreis highlighted that this represents a substantial 35% decrease in overall electric bills, stating, “So that is a big, big change.”
Eversource spokesman William Hinkle expressed satisfaction in passing on relief to customers, noting that this marks the second time this year that the supply rate has decreased. Eversource attributes the reduction to the stabilization of the natural gas market, which plays a crucial role in electricity generation in New England.
Hinkle explained, “In New England, the price for electricity is always closely tied to natural gas because natural gas accounts for roughly half the region’s electric supply at a given time.”
The proposed lower rate is subject to approval by the state’s Public Utilities Commission and, if accepted, will be effective from February 1 through July. Notably, Unitil customers have already received approval for a rate decrease, with their power supply charge dropping to under 11 cents per kilowatt hour, a 59% reduction compared to the rate in February 2023.
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