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MarketScreener Homepage  >  Equities  >  Nyse  >  Eversource Energy    ES

EVERSOURCE ENERGY

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Eversource Energy : Delivers Summer Electricity Savings to Customers in Eastern Massachusetts

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07/16/2020 | 03:11pm EDT

Six-month basic service supply rate drops 21%

BOSTON (July 16, 2020) - Eversource customers who are on the company's Basic Service Supply option are seeing savings on their electric bill after the Department of Public Utilities approved the energy company's proposed electricity supply rate that is 21% lower than the previous rate. Eversource is also encouraging customers to closely manage their energy supply options so that they do not overpay an alternative supplier. Eversource secured the lower six-month price for customers thanks to a reduction in wholesale power prices. The rate took effect on July 1.

'We're pleased to be passing along a summertime price cut to our customers who get their electricity supply through our Basic Service option,' said Eversource Senior Vice President and Chief Customer Officer Penni Conner. 'This reduction will come just in time to help customers who use air conditioning to cool their homes and businesses during the hottest days of the year. It will also help those customers experiencing financial hardship due to COVID-19.'

The supply rate is 9.877 cents per kilowatt-hour, down from the previous six-month rate of 12.517 cents per kilowatt-hour. The decrease will result in a monthly savings on the supply charge of $14.52 for residential customers using an average of 550 kilowatt-hours of electricity.

As a regulated delivery company, Eversource purchases electricity from suppliers and passes on the cost, with no profit added, directly to customers on the company's Basic Service supply option. All customers also have the option to purchase electricity from competitive suppliers. The Massachusetts Department of Public Utilities licenses competitive suppliers within the commonwealth and maintains a list of current offers available from them. Alternative supplier prices in Massachusetts have recently ranged from 6 cents per kilowatt-hour to 12 cents per kilowatt-hour. With its recently secured pricing of 9.877 cents per kilowatt-hour, Eversource encourages customers who choose a competitive supplier to review their bill.

Effective with the July 1 Basic Service supply price change, average monthly residential bills for 550 kilowatt-hours of electricity in Eversource's Eastern Massachusetts service area will go to $124.53 from $135.77, or a decrease of about 8% on the total bill.

Eversource reminds its customers that energy efficiency is the single most effective way to take control of their year-round energy costs.

'We're number one in the nation in energy efficiency. Even with the drop in the price of electricity, our customers can take advantage of deeper savings by making full use of the programs available to them,' added Conner.

For energy efficiency tips and information about the many programs available to help lower energy use, Eversource customers can visit the Save Money & Energy section of Eversource.com.

Eversource (NYSE: ES), celebrated as a national leader for its corporate citizenship, is the #1 energy company inNewsweek's list of America's Most Responsible Companies for 2020 and recognized as one of America's Most JUST Companies and the #1 utility byForbesandJUST Capital. Eversource transmits and delivers electricity and natural gas and supplies water to 1.8 million customers throughout Massachusetts, including approximately 1.5 million electric customers in 139 communities, nearly 300,000 gas customers in 51 communities, and 19,800 water customers in five communities. Eversource harnesses the commitment of approximately 8,300 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The #1 energy efficiency provider in the nation, the company is empowering a clean energy future in the Northeast, with nationally-recognized energy efficiency solutions and successful programs to integrate new clean energy resources like solar, offshore wind, electric vehicles and battery storage, into the electric system. For more information, please visiteversource.com, and follow us onTwitter,Facebook,Instagram, andLinkedIn. For more information on our water services, visitaquarionwater.com.

CONTACT:
Reid Lamberty
617-424-2108
reid.lamberty@eversource.com

Disclaimer

Eversource Energy published this content on 16 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 July 2020 19:10:01 UTC

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