Lower Electric Rates Take Effect May 1

Connecticut regulators have approved an electric rate adjustment that will lower monthly bills beginning May 1, delivering short-term relief for businesses and residents. 

The Public Utilities Regulatory Authority approved its annual rate adjustment mechanism for Eversource Energy and United Illuminating April 22.  

Residential customers will see rates decrease between 4.3 cents per kilowatt-hour and 4.9 cents per kilowatt-hour. 

For commercial and industrial customers, the rate adjustment is expected to ease operating costs during a period of continued price sensitivity, particularly as summer usage rises. 

Regulators said a lower public benefits charge is driving the lower rates, citing nuclear power contracts with Millstone Power Station in Waterford and Seabrook Station in New Hampshire. 

Changes to those contracts helped reduce the overall charges passed on to customers. 

Stabilizing Costs  

In recent years, the public benefits charge has drawn scrutiny as it grew into one of the largest components of electric bills for many commercial and industrial customers. 

CBIA senior policy director Pete Myers welcomed the decrease, while calling attention to the need for policy change.  

“We need reforms that stabilize costs and align energy policy with economic growth.”

CBIA’s Pete Myers

“The annual rate adjustment is a useful pressure valve, but it’s not a substitute for a comprehensive, long-term energy strategy,” Myers said.  

“If Connecticut wants to remain competitive, we need reforms that stabilize costs and align energy policy with economic growth.” 

PURA could revisit the rates again in September if energy markets shift significantly. 

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For more information, contact CBIA’s Pete Myers (860.244.1921).