Connecticut Light & Power Raises Electric Rates By 14%
Connecticut residents are yet again to brace for higher electric prices as the winter approaches.
Connecticut Light & Power (Eversource) utility company has received approval from the Public Utilities Regulatory Authority for increasing the standard tariff (also known as the Price to Compare) from January 2021 to June 2021 for residential and small business customers.
The residential supply rate will go up to 8.391¢/kWh, a 14% increase from the current rate of 7.375¢/kWh. Small business customers will see their electric supply rate go up 10% to 8.192¢/kWh from the current 7.421¢/kWh.
For the average Eversource household on standard service that uses 1000 kilowatt-hours of electricity a month, the change will mean a bill increase of $10 a month.
The proposal comes amidst scrutiny for another recent rate hike resulting in Eversource admitting to PURA to have passed a staggering $124 million increase to customers. At first, the company blamed a state-approved deal to build a new power plant but later said it was to cover usage losses during the COVID-19 pandemic.
The new generation rate would run from Jan. 1 to June 30, 2021. Customers who would like to avoid paying the higher price have the opportunity to switch their electric supply to a retail electric provider (REP), thanks to the deregulated energy industry in Connecticut.
Updated on
