Connecticut regulators have approved new electric rates for the first half of 2016 for customers of The United Illuminating Co. who purchase their power through the utility rather than a competitive supplier.
The so-called standard offer rates approved by the state’s Public Utilities Regulatory Authority for the UI Company are more than a penny per kilowatt hour higher than what customers currently are paying. But the newly approved rates for 2016 represent a substantial savings over what standard-offer customers paid over the first six months of 2015.
Under the new rates, which take effect Jan. 1 and run through June 30, UI’s residential generation rate will change from 9.1241 cents per kilowatt hour to 10.7358 cents.
For commercial customers, the rates will be as follows:
- Rate GS Standard Service rate:
- Rate GST Time-of-Use rate:
12.1275 Peak and
Generation charges represent about 50 percent of a customer’s monthly electric bill for the typical standard offer customer. The generation charges for standard offer customers represent what it costs the utility companies to procure the electricity and do not include any profit.
About two-thirds of Southern Connecticut’s residential customers receive standard offer generation from UI.
UI customers can reduce their immediate costs and protect themselves from price volatility by obtaining a competitive electricity supply contract. Contact Better Cost Control today by calling 617-332-7767 x150.