PLYMOUTH, NH – Summer period electric bills are going down for members of New Hampshire Electric Cooperative (NHEC).
Effective with bills rendered on or after May 1, 2018, the Co-op Power portion of members’ bills (the cost of actual energy) is decreasing by 18%. That drop is being offset somewhat by a summer period increase in the Regional Access Charge rate of 6%. The result for the typical residential member using 500 kilowatt-hours (kWh) of electricity per month is an overall bill decrease of 7%, or $7.46 per month. The typical residential member using 1,000 kWh per month will see a total bill decrease of 8%, or $14.91 per month.
The Co-op Power rate decrease is as a result of forecasted lower energy prices in the summer period. The Regional Access Charge rate increase is as a result of higher regional transmission costs that NHEC incurs to have power delivered to its distribution system that serves 84,000 homes and businesses in 115 New Hampshire communities.
The summer rate reductions continue an annual pattern of fluctuations that have seen the cost of power increase during the winter months and decrease in summer months. Driving these price swings are seasonal variations in the regional wholesale price of natural gas, which is used to generate approximately half of the electricity produced in New England.
Excluding the monthly Member Service Charge of $29.32, the per kWh charge for residential members is now $0.1486, which is a 1.8% increase over May 2017. A complete listing of rates is available here.