Home Economy Economic Activity Rhode Island Energy proposes lower winter rates

Rhode Island Energy proposes lower winter rates

By

PBN Staff

-

07/19/2024

RI-Energy-1 — RHODE ISLAND Energy on Thursday filed a proposed winter electric rate with the R.I. Public Utilities Commission that, if approved, an average residential customer using 500 kilowatts of electricity will see an approximately $8 savings on their total bill per month compared to last winter, depending on their individual energy usage.

PROVIDENCE – Some Rhode Island Energy customers may see lower bills this winter compared to last year. The company on Thursday filed a proposed winter electric rate with the R.I. Public Utilities Commission that, if approved, an average residential customer using 500 kilowatts of electricity will see an approximately $8 in savings on their total

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PROVIDENCE – Some Rhode Island Energy customers may see lower bills this winter compared to last year. The company on Thursday filed a proposed winter electric rate with the R.I. Public Utilities Commission that, if approved, an average residential customer using 500 kilowatts of electricity will see an approximately $8 in savings on their total bill per month compared to last winter. The proposed Last Resort Service residential rate of 16.387 per kilowatt is a slight decrease from last year’s rate of 17.741 cents per kilowatt. However, that proposed rate is much higher than current summer rate of 10.3 per kilowatt. For an average residential customer using 500 kilowatts of electricity would see an an increase of $31.30 per month, or 22.8%. The proposed fixed commercial rate for this winter is 15.94 cents per kilowatt, a slight dip from last year's rate of 17.12 cents, but higher than the current summer rate of 9.86 cents per kilowatt. The industrial rate, which is variable and adjusts each of the three months into the quarter, starts at 9.4 cents per kilowatt and rises to 12.6 cents per kilowatt in December. Last season, the industrial rate started at 7.67 cents in October and rose to 18.2 cents in December. The current summer Industrial rate is 9.65 cents per per kilowatt. Rhode Island Energy says the Last Resort Service rate apply to those customers who choose not to shop for their electric supply or are not part of a municipal aggregation program. These LRS rates are a direct pass-through – meaning the company charges customers only what they pay for the electric supply. “We recognize that high winter energy costs are a challenge for many of our customers, and our team has successfully secured lower prices than we have seen over the last two winters so we can pass those savings on to customers,” said Rhode Island Energy President Greg Cornett. “We work every day to provide our customers with reliable, affordable and sustainable energy, and we encourage all customers to explore the many ways we offer to help them save energy and money – including our payment plans, assistance programs and variety of energy efficiency solutions.” The winter electric season for Rhode Island Energy electric customers is from Oct. 1 to March 31. Typically, those rates are higher than seen in the summer due to multiple market conditions.