More than half of one company’s power customers may see their bills drop starting on Wednesday.
Eversource customers could see as much as a 20 percent decrease.
The company said the average bill recipient can expect to pay about $30 less per month.
The savings will be in effect through the end of the year.
The reason, according to Eversource, is because it’s costing less to generate electricity. The company said more than half of New England’s electricity is produced using natural gas, which right now, is inexpensive.
However, the growing dependency on natural gas for electricity is affecting prices, particularly during the winter months when demand is highest.
Eversource said it is working on projects to help solve the price challenges, including the potential expansion of the region’s natural gas capacity using other pipeline routes.
It said the standard service price changes twice a year, on Jan. 1 and July 1 in accordance with state law.
"The historically high prices we've been paying to electricity generators have made this a very difficult winter for most customers in the region," said Penni Conner, senior vice president and chief customer officer at Eversource. "With prices now falling back to levels even better than a year ago at this time, we're thrilled to pass along the savings to our customers at the time of year when air conditioner use will be at its peak."
Eversource said it is a regulated energy distribution company and it purchases electricity from wholesale suppliers on behalf of many customers. Those costs are then passed directly to its 1.25 million customers with no profit to the company.
The company said that customers do have the option to buy power from other retail suppliers.
The new rate is expected to affect approximately 801,000, or 64 percent, of all Eversource customers.
Copyright 2015 WFSB (Meredith Corporation). All rights reserved.