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BOSTON – The Mass. Department of Public Utilities has approved NSTAR’s lowest electric rates since 2004.
According to a news release, the rates were driven by lower prices for natural gas used to fuel power plants. The department said that electricity prices have dropped “significantly” from their peak in 2008 and 2009. In that time, total household bills have been reduced by almost 25 percent. Average bills for residential customers have dropped from about $150 per month to about $112 today.
Even though current commodity prices for energy are low, U.S. Department of Energy officials say energy prices are volatile and, over the long term, likely to increase.
In March, DPU approved rate cuts of 19 percent in electric charges for residential customers of National Grid, and the DPU approved a 16 percent decrease in rates for NSTAR residential customers.
“As the state moves out of recession, this is welcome news for residential, commercial and industrial electricity customers,” said Ann Berwick, department chairwoman. “As the price of the energy commodity continues to drop, we will make sure that utility companies pass these savings on to customers.” •