Eversource customers signed up for standard service with the company could be seeing their electric bills go down this summer.
The bills will go down starting July 1 after state regulators approved the lowest wholesale power price since 2004.
"These are the lowest generation prices in over a decade and are coming at the time of year when customers are increasingly using more energy to cool their homes and businesses,” Senior Vice President and Chief Customer Officer at Eversource Penni Conner said in a statement on Wednesday.
Eversource said the average customer uses about 700 kilowatt hours each billing cycle. That comes out to a monthly bill of about $67.
Starting in July, the new rate will save you about three cents from the current rate, which mean you could be paying $46 and change per billing cycle.
That is about $21 in savings on an electric bill.
“It is market conditions. It's better prices from our suppliers. It’s a team internally and they are able to come through with good contracts,” Eversource Spokesman Mitch Gross said.
The new market price is good through the end of the year. That's when rates are reworked.
“While we’re pleased the prices are going down this summer, price volatility is a very real concern for our customers. We're still dealing with significant energy challenges in New England. That’s why we’re working hard on a number of innovative energy projects, including Access Northeast and Northern Pass," Conner said.
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