Home Economy Economic Activity Regulators approve higher winter electric rates

Regulators approve higher winter electric rates

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PBN Staff

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09/20/2024

THE R.I. PUBLIC UTILITIES Commission approved a set of rate hikes proposed earlier this summer by Rhode Island Energy that could increase customers’ bills by as much as 23%. / ASSOCIATED PRESS FILE PHOTO

PROVIDENCE – The R.I. Public Utilities Commission approved a set of rate hikes proposed earlier this summer by Rhode Island Energy that could increase customers’ bills by as much as 23%. Approved Thursday, the Last Resort Service residential rate of 16.39 cents per kilowatt this winter is much higher than the current summer rate of

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PROVIDENCE - The R.I. Public Utilities Commission approved a set of rate hikes proposed earlier this summer by Rhode Island Energy that could increase customers’ bills by as much as 23%. Approved Thursday, the Last Resort Service residential rate of 16.39 cents per kilowatt this winter is much higher than the current summer rate of 10.3 cents per kilowatt, even though it is a slight decrease from last year’s winter rate of 17.74 cents per kilowatt. So, an average residential customer using 500 kilowatts of electricity between Oct. 1 and March 31 could see an increase of $31.30 per month this winter, or 22.8%. The fixed commercial rate for this winter will be 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 kilowatt. Rhode Island Energy also announced it will refund its customers $27 million that was overcharged last winter as credits to offset monthly bills, according to a report from WPRI-TV CBS 12. Customers were overbilled because prices were lower on the spot market, which represents the real-time cost of energy. “In this case, the rates went down slightly, so now we will refund our customers for that money plus interest,” Rhode Island Energy spokesperson Caroline Pretyman said in a statement to WPRI-TV. “If we had undercollected, then we would have to collect that money from customers.” Most Rhode Island Energy customers will receive a one-time credit of about $69 in December, while low-income customers will get around a $23 monthly discount for six months beginning in November.