Regulators approve another electric rate hike for Eversource, UI customers - NBC Connecticut
Regulators approve another electric rate hike for Eversource, UI customers - NBC Connecticut
Electric bills for most Connecticut customers will be going up yet again next month.
The Public Utilities Regulatory Authority (PURA) approved rate increase requests for both Eversource and United Illuminating on Wednesday morning.
The utilities said they need the rate increases to cover costs of electric vehicle charging stations installed around the state. Neither company has commented on the decision, including how much of an increase the average ratepayer will see.
This latest increase comes just after a change to electric bills with a new state law that took effect July 1.
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Beginning last month, the public benefits portion of electric bills surged dramatically for Eversource and United Illuminating customers. For many customers, their bills increased by as much as 25%-30% in July.
The public benefits payments support energy efficiency, renewable energy sources, and power bill assistance for those in need.
Eversource is also trying to offset nearly $800 million to keep the Millstone nuclear power plant running and to recoup costs for a nearly four-year moratorium on power shutoffs during the pandemic.
Eversource has said it warned PURA of a looming surge when it said PURA artificially set rates too low to cover costs.
Related Knowledge Center: ENERGY BASICS: energy efficiency
The energy price spikes of the 1970s drove consumers, businesses and government to calculate opportunities for energy efficiency — investments, practices, and regulations to avoid some of the energy costs associated with particular products or services. Those calculations ran counter to a lot of engrained practices, and the friction between business and government is a feature of energy and environment policy discussions. Now, energy efficiency decisions — whether involving building practices, appliance efficiency, or vehicle mileage and emissions standards — are a complex mix of government regulation and market behavior.