HARTFORD, Conn. — After electricity supply rates reached historic highs for the first half of the year, Eversource is hinting at a rate "decrease" for the rest of 2023.
The utility company announced it will be sending its proposed rate to the state's Public Utilities Regulatory Authority (PURA) in mid-May. If approved, the rates will start July 1 through the end of 2023. Eversource did not reveal the possible proposed rate.
Eversource's rates doubled from 12.1 cents per kilowatt-hour to 24.2 cents per kWh this past winter. Eversource cited the war in Ukraine and supply prices for the rate hike.
Now, Eversource said it's seeing a "downward trend" in energy supply markets and said that customers "can expect to see a decrease on their bills."
“We’re pleased to be able to let our customers know that relief is coming following historically high supply prices over the past year,” said Eversource Vice President of Energy Supply James Daly.
This summer's possible rate price decrease may not lead to a long-term "downward trend" in rate prices, as Eversource advised, "that [customers] should expect continued market volatility and higher supply costs this coming winter."
Rates tend to drop for the summer months anyway, according to trends seen in Eversource supply rates from 2018-2023.
Eversource rates from 2018-2023
UI also hiked their electricity rates for the first half of the year from 10.6 cents per kWh to 21.9 cents per kWh. UI has not yet mentioned making a possible change in rate prices for the latter half of 2023.
PURA allows rate changes twice a year in Connecticut, every Jan. 1 and July 1.
Those seeking help paying their utility bill can explore payment plans through Eversource, UI and EnergizeCT.
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