NHEC Sets Winter Power Rates by NHEC | Oct 7, 2021 | Rates, UncategorizedPLYMOUTH, NH – (October 7, 2021) New Hampshire Electric Cooperative’s (NHEC) Board of Directors has approved changes to the Co-op Power rate and Regional Access Charge, which will result in an overall bill increase for most residential members of about 17%, or $17.19. The new rates will take effect with bills rendered on or after November 1, 2021. The Co-op Power portion of members’ bills will increase from the current summertime rate of 6.5 cents per kilowatt-hour (kWh) to 9.8 cents per kWh for the winter. The Co-op Power charge includes the cost that NHEC pays to purchase electricity from the wholesale electricity market. The cost of this power is directly passed through to members who have not chosen to purchase electricity from a competitive supplier. NHEC does not add any additional charges or fees to its Co-op Power rate, and it does not fund NHEC’s operations. Last November, NHEC set its winter rate at 7.8 cents per kWh. The primary reason for the increase is a sharp spike in the price of natural gas over the past several months. Natural gas prices are now double what they were last year at this time. Natural gas-fueled power plants account for more than half of the generating capacity in New England, meaning the market price of electricity often follows the cost of natural gas. “Natural gas and electricity prices in New England are closely linked,” said Brian Callnan, NHEC Vice President of Power Resources & Access. “As the price of natural gas has risen over the past several months, so has the cost to purchase electricity to serve our members. We know this increase will be difficult for our members, as it will be for electric and gas customers throughout New England, and we will continue to work hard to find opportunities to reduce energy costs wherever we can.” NHEC members who have difficulty paying their bills are encouraged to contact the Co-op at (800) 698-2007. NHEC can help members set up payment arrangements, connect them with financial assistance, as well as energy efficiency and weatherization programs, which can reduce their energy usage and lower their bills. In addition, NHEC members can take advantage of competitive supply options for electricity service, which can be compared at the New Hampshire Public Utilities Commission website – www.puc.nh.gov. Members can also view and manage their electric usage online through NHEC’s website, www.nhec.com, or by downloading the SmartHub app for mobile or PC. The November 1 rate changes will also include a 2% increase in the Regional Access Charge portion of members’ bills. The Regional Access Charge includes the costs NHEC pays transmission companies to deliver electricity to its distribution system. The rate change also includes the state-required refund of Regional Greenhouse Gas Initiative (RGGI) proceeds. As with the Co-op Power rate, the costs NHEC incurs from transmission companies are passed directly through to members without additional fees or charges.
NHEC Announces Summer Rates by NHEC | Apr 30, 2021 | Rates, UncategorizedPLYMOUTH, NH (April 30, 2021) – New Hampshire Electric Cooperative’s (NHEC) Board of Directors has approved rate changes that will result in a 1% total bill increase for most residential Co-op members. The Co-op Power rate and Regional Access Charge are both increasing by 1%, effective May 1. 2021. The Co-op Power rate reflects the cost NHEC pays to purchase electricity from the New England power market on behalf of its members. The price NHEC pays for this power is directly passed through to NHEC members who do not purchase electricity from a competitive supplier. The Regional Access Charge reflects the cost NHEC pays transmission companies to have high voltage power delivered to its distribution system. This charge also includes a credit from revenue associated with the Regional Greenhouse Gas Initiative. The changes to the Co-op Power rate and Regional Access Charge will add an average of 60 cents to the monthly bill of a typical residential member using 500 kWh of electricity per month. The May 1, 2021 rate changes will result in an average residential bill that is 2.9% higher than the same period in 2020. In February, NHEC reduced the Co-op Power rate to pass regional electricity market savings back to members as quickly as possible. Click here for NHEC rates, charges and fees.
NHEC Announces 18% Reduction in Electric Supply Rate by NHEC | Jan 27, 2021 | Rates, UncategorizedPLYMOUTH, NH (January 27, 2021) – New Hampshire Electric Cooperative’s (NHEC) Board of Directors has unanimously approved an 18% reduction to the Co-op Power portion of members’ bills effective February 1, 2021. The change will result in an overall bill decrease of over $7 for the average residential member using 500 kilowatt-hours (kWh) per month. NHEC typically adjusts its Co-op Power rate in November and May every year, however for the second straight year the Co-op is making an out of cycle reduction to its energy service rate. Co-op Power reflects the cost NHEC pays to purchase electricity from the New England power market on behalf of its members. The price NHEC pays for this power is directly passed through to NHEC members who do not purchase electricity from a competitive supplier. The Co-op Power rate was set by NHEC in November 2020 for the winter period based on market forecasts. Since that time the market price of electricity has steadily decreased in New England, below what was forecast, allowing NHEC to procure electricity for its members at a lower cost than anticipated. NHEC is adjusting its Co-op Power rate outside of the normal cycle to reflect the lower than projected market costs. This immediate adjustment will provide the benefit of these lower market prices back to members as soon as possible. Several factors have contributed to the lower than expected market prices in New England, including the mild temperatures this winter. Temperature is closely linked to the price of electricity, as it drives the demand for more energy during the cold, dark months of winter, and hot, humid summer months. As a result of the Board of Directors’ vote, NHEC’s Co-op Power rate will drop from 7.8¢ per kWh to 6.4¢ per kWh. NHEC’s members will see the benefits from this rate reduction beginning with their February bills. “As a member-owned cooperative, NHEC is able to react quickly to changes in the electricity market and pass those savings back to our members,” said Steve Camerino, President and CEO of NHEC. “Many of our members have been financially impacted by the COVID-19 pandemic. We hope that moving quickly to reduce rates and pass savings on to them will help ease the financial burden they may be facing during this challenging time.” NHEC members receiving Co-op Power do not need to take any action to receive the new rate. The reduction is only available to NHEC members. NHEC does not call its members or the customers of other utilities to enroll in Co-op Power, so members of the public receiving any such call should be careful not to provide any personal or financial information.
NHEC Sets Co-op Power and Transmission Rates for Upcoming Winter by NHEC | Oct 26, 2020 | Rates, UncategorizedPLYMOUTH, NH – New Hampshire Electric Cooperative (NHEC) rates for the upcoming winter period will increase 9.5% over current summer rates, but are down 1.7% from last winter’s rate. The rate changes take effect with bills rendered on or after November 1 and are the result of adjustments to two portions of members’ bills: the Co-op Power Charge and the Regional Access Charge. The Co-op Power Charge reflects the cost NHEC pays to purchase electricity for its members from the wholesale market. The cost of this power is directly passed through to members who do not purchase electricity from a competitive supplier. The Regional Access Charge includes the transmission costs NHEC pays to deliver electricity to its distribution system. As with the Co-op Power Charge, the costs NHEC incurs from transmission companies are passed directly through to members. For a residential member using 500 kilowatt-hours (kWh) of electricity per month, the winter rate changes will result in an overall bill increase of $9.43 (9.5%) per month when compared to summer rates. However, the new winter rate is a decrease of $1.93 (1.7%) per month when compared to rates in effect last November. NHEC’s Delivery Charge rate and Member Service Charge portions of members’ bills are not changing, in line with NHEC’s stated goal of not increasing distribution charges in 2020. These two charges pay for NHEC’s operations and investments in the Co-op’s distribution system. The increase in the Co-op Power Charge is primarily due to an annual pattern of higher energy costs in winter months in New England. During the winter, the demand for natural gas as a heating fuel increases. Since natural gas is used to generate much of the electricity in New England, the increased demand for natural gas to heat homes and businesses causes the price of electricity to increase. The increase in the Regional Access Charge is primarily due to continued investment and maintenance of high voltage electrical lines by the transmission companies that own them. The Regional Access Charge also includes a credit from revenue associated with the Regional Greenhouse Gas Initiative. NHEC’s winter rates are in effect from November 1 to May 1. A complete list of NHEC rates and fees is available HERE
NHEC Holding Rates Steady for Summer Period by NHEC | May 12, 2020 | Rates, UncategorizedPLYMOUTH, NH – New Hampshire Electric Cooperative (NHEC) has announced that it will hold its Co-op Power rate steady at the current level for the summer period (May 2020 – November 2020). The Co-op Power rate reflects the cost NHEC pays to purchase electricity from the regional market on behalf of its members. The price NHEC pays for this power is directly passed along to its members who do not buy their electricity from a competitive supplier. Market prices have been low, so NHEC members will continue to benefit from lower regional electricity costs. The current Co-op Power rate is 18% lower than last year’s summer period. “With all the uncertainty and economic upheaval caused by the COVID-19 pandemic, we are pleased to be able to continue to provide low rates for our members,” said NHEC President/CEO Steve Camerino. For members who purchase their power from NHEC, the Co-op Power rate will remain at 6.6¢ per kilowatt-hour (kWh). The total billing rate for the summer period is 14¢ per kWh. For the typical residential member using 500 kWh per month, the total monthly bill is $99.47. By comparison, last summer’s total monthly bill for a 500 kWh residential member was $104.55. NHEC’s complete schedule of rates and fees is available here.