Home Economy Economic Activity Rhode Island Energy expects big drop in summer electricity rates

Rhode Island Energy expects big drop in summer electricity rates

By

PBN Staff

-

03/07/2024

RI-Energy — RHODE ISLAND Energy announced Thursday that some of its customers could see as much as a 40% drop in their electric bills this summer.

PROVIDENCE – Rhode Island Energy customers who are on the company’s default supply rate may see significantly lower bills this summer. The company on Thursday announced that electricity supply prices could drop as much as 40% for a typical residential customer using 500 kilowatts per hour and utilizing the Last Resort Service price. Small- to

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PROVIDENCE – Rhode Island Energy customers who are on the company’s default supply rate may see significantly lower bills this summer. The company on Thursday announced that electricity supply prices could drop as much as 40% for a typical residential customer using 500 kilowatts per hour and utilizing the Last Resort Service price. Small- to midsize commercial customers could see up to a 42% decrease in the supply portion of their bill. Rhode Island Energy’s LRS rates are updated twice a year, and the energy secured for its customers is based upon competitive energy auctions. The auctions are designed to secure the lowest rate offered, and there is no utility profit associated with these supply costs. “The cost of many goods and services continues to rise and impact the daily lives of Rhode Islanders, and we work very hard to secure affordable supply for our customers,” said Greg Cornett, president of Rhode Island Energy. “After the second straight winter where New England saw some of the highest supply rates ever recorded, passing on these lower prices to our customers is critical and should provide them some much-needed relief.” Rhode Island Energy’s Last Resort Service base charge for the upcoming summer season, if approved by the R.I. Public Utilities Commission, will be 8.908 cents per kilowatt hour for residential customers, down from the winter rate of 16.525 cents per kilowatt hour. The total supply charge for residential customers, to use if shopping for alternative electric supply options, is projected to be 10.377 cents per kilowatt hour, down from 17.741 cents per kilowatt hour. For small-business customers, the proposed base rate is 8.353 cents per kilowatt hour, down from the winter rate of 15.915 cents per kilowatt hour. These rates reflect the base portion of the supply rate. The newly proposed rates would be in effect April 1 through Sept. 30. A public comment meeting on the proposed rates will be held March 12 at 6 p.m. at the RIPUC offices at 89 Jefferson Blvd., in Warwick.