Eversource and United Illuminating Rate IncreasesNovember 18, 2022
I am sure we share the same concerns about Eversource and United Illuminating, the state's two main electric distribution companies, which both filed their new rates for standard service supply rates with the Public Utilities Regulatory Authority (PURA) that will increase rates by approximately 40%.
Once approved by PURA, these new rates will go into effect from January 1, 2023, through the first six months of the year.
This is unwanted news at the start of the holiday season, especially as Eversource and United Illuminating enjoy historic profits amid electric generation rates increasing, customers experiencing economic hardships and a global energy crisis due to Russia's invasion of Ukraine, which has impacted natural gas. Nearly half of New England's electric generating capacity uses natural gas as its primary fuel, according to ISO New England, which operates the region's power grid.
Lawmakers will soon be called into special session, so we can work on legislation ensuring adequate funding for the Connecticut Energy Assistance Program (CEAP), which provides winter heating cost assistance to income-eligible households, regardless of their heat source.
We have been proactive to help those most in need. The “Take Back Our Grid Act” was passed in the fall of 2020, which implemented a performance-based incentive system that ensures earnings and profits by Eversource and United Illuminating are tied to good performance and also enable PURA to implement low income and economic development rates.
PURA is also currently in the process of implementing performance-based ratemaking and recently released its final decision to implement a low-income discount rate beginning in January 2024 where eligible customers will receive either a 10% or 50% discount on their utility bills based on their overall household income.
More information on resources available for residents who need assistance with high energy costs available by visiting ct.gov/heatinghelp.