Eversource Deal Provides Bill Credits
You might recall the effects of Tropical Storm Isaias. Over 675,000 Eversource and UI customers experienced extended outages. As a result, the PURA imposed a fine on both utilities due to their poor response to the storm. This fine led to utility bill credits for customers in their August electric bills. Yet, while Eversource has since appealed the fines, the utility has agreed to an Accountability Plan with the state.
How the Plan Helps Customers
Governor Lamont and Attorney General Tong announced the $103.4 million plan on October 1. In it, Eversource will give customers $35 in credit for their December and January electricity bills. The plan also sets up a new $10 million bill repayment program. This program offers a 24-month interest-free payment plan. This makes it easy to catch up with late bills because it has no extra fees.
Lastly, the plan prevents Eversource from asking for any rate increases until at least January 2023. This means changes to the price to compare (PTC) won’t happen until after December, 2023.
Eversource Operation Changes
The plan also requires Eversource to create a new CT-based president of Connecticut Light & Power. The utility will also add new seats to its board for CT representatives. This means the company’s CT operations will have more local oversight and stronger accountability.
Eversource is also improving its CT-based training programs. The utility’s goal is be able to hire more local line-workers. That way, it would have more CT-based line crews ready to handle emergencies.
Why Shop Electric Rates Now
The new plan isn’t a reason to relax. Customers should keep shopping for the best electric rates. Last month, we talked about how electricity rates have been rising since July. In addition to this, Eversource announced an increase in delivery rate charges. Most customers may see a 1.5% increase in their delivery charges.
We’re also less than three months away from January’s price to compare (PTC) change. As a result, we could be looking at high energy bills on the horizon. However, smart energy shopping can keep prices down. That’s because switching is now easier thanks to July’s ban on early termination fees.
What CT Customers Can Expect from the Eversource Plan
CT customers can expect relief this month. Ratepayers can look forward to bill credits and stable PTC rates through the coming year. The interest-free repayment plan can help struggling families catch up. And, local control and oversight may create a faster response to future storms. But CT customers can still act now to save even more money in the months to come.
You can also learn more about saving money and energy by comparing rates and plans at https://www.ctenergyratings.com.