Michael DiGiovancarlo

Eversource customers are about to get a major break on their utility bill! The company has filed new and lower standard service rates for residential customers from July 1 through December 31. Make sure to check your rates during that time frame!

Eversource and United Illuminating (UI) file to change rates twice a year. The cost of natural gas, which provides the fuel for most of the heat and electricity across Connecticut and New England, is subject to continued market volatility and international factors like Russia's invasion of Ukraine. As a result, present bills were pushed as much as $80 higher on average since the beginning of the year through June 30.

While dropping electricity rates is positive news, the Connecticut Public Utilities Regulatory Authority (PURA) also recently took a significant step toward additional accountability for Eversource and UI by implementing performance-based regulation (PBR) starting in 2024. Connecticut is one of the first states in the country to establish such a system, which was part of the “Take Back Our Grid Act” we passed in October 2020.

PBR has the potential to align regulatory tools since there are certain goals Eversource and UI will be expected to achieve, including fulfillment of public policies, empowering customers, and providing reasonable, equitable and affordable rates as opposed to roller coaster increases and decreases.

Connecticut’s implementation of PBR signals a commitment to dually improving utility performance and customer outcomes. It is not an attempt to hurt the utilities. PBR will show residents, however, that the utilities will keep their best interests in mind within a specific operating framework.