PURA: PURA Approves Revised Standard Service Electric Rates

2016 Press Release
 

May 4, 2016
 

PURA Approves Revised Standard Service Electric Rates

New Rates Take Effect July 1, 2016
 

The Public Utilities Regulatory Authority (PURA) has approved revised generation rates for residential and business customers taking Standard Service generation from The Connecticut Light and Power Company dba Eversource Energy (Eversource) and the United Illuminating Company (UI).
 
Eversource and UI recently submitted proposed summer cycle rates based on competitive auctions held earlier this year to procure the electricity needed to meet forecasted load. The bid process, underlying calculations and resulting rates were analyzed and verified by PURA technical staff, and approved today by PURA's commissioners at a public hearing.
 
Effective July 1, 2016, Eversource's residential generation rate will decrease from 9.555 cents per kilowatt-hour (kWh) to 6.606 cents/kWh. UI's residential generation rate will decrease from 10.7358 cents/kWh to 8.0224 cents/kWh.
 
The Standard Service generation service rates for other residential and business customer classes are also set to change effective July 1, 2016.
 
The new rates will be in effect through the end of 2016, and represent an approximately 20% reduction when compared to the Eversource summer cycle rates in effect from July to December 31, 2015. For UI, rates will decrease by 12% compared to the 2015 summer cycle.
 
The generation rate – which recovers the cost to generate electricity – comprises roughly 40% of the monthly electric bill for most residential users.
 
Other delivery charges were adjusted by the PURA earlier this year, and include distribution and public benefit charges. Delivery costs also include transmission charges, which are set by the Federal Energy Regulatory Commission.
 
Approximately two-thirds of Connecticut’s residential customers receive Standard Service generation from Eversource and UI. The remaining residential customers have chosen to receive their electricity from licensed electric suppliers, whose rates may be more or less than the Standard Service depending upon contract terms and the energy source.
 
 
Customers can compare UI and Eversource Standard Service generation rates to licensed suppliers' offers on Connecticut's official generation rate board at www.energizect.com. The rate board has recently been upgraded to allow users to customize how competitive offers are displayed and to improve ease of use. From the home page select "Choose an Electric Supplier."