The Rhode Island Public Utilities Commission today unanimously approved a significant reduction in all standard offer service electric rates that should serve to cut a typical Narragansett Electric customer’s monthly bill by more than $5.00.
The Commission approved Narragansett Electric’s filing to reduce it’s standard offer service rate from 6.302 cents/kilowatthour to 5.5 cents/kilowatthour and additionally approved the elimination of standard offer adjustment charge of 0.232 cents/kilowatthour.
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The combined effect of the action should reduce a typical residential bill with consumption of 500 kilowatthours per month by $5.38, from $66.40 to $61.02, on consumption beginning October 1. Commercial and industrial customers also will see a decrease of between eight and 11 percent.
Narragansett Electric officials told them Commission there exists a possibility of a further rate reduction as early as January. The likelihood of further rate cuts, however, will hinge on wholesale energy prices over the next few months.
