Second Consecutive Rate Cut Coming for NHEC Members
by NHEC | Jun 30, 2023 | Rates, Uncategorized
PLYMOUTH, NH – The Board of Directors approved this week the second consecutive rate cut in a year for most New Hampshire Electric Cooperative (NHEC) members.
Beginning August 1st, the rate change will result in an overall bill decrease of 7% (or $10.03 per month) for the typical member using 500 kWh of electricity per month. The typical 1,000 kWh member will see a total bill decrease of 8% ($20.27 per month).
This most recent decrease comes on the heels of a February 2023 rate reduction that resulted in a total bill decrease of 9.3%. It is also a welcome sign that wholesale electricity prices continue to ease in New England, following a turbulent period of sharp increases in 2022.
The August 2023 change includes a decrease to the Co-op Power rate, which reflects the actual cost of power that NHEC purchases for use by its members. The new Co-op Power rate will be 11.42 cents per kWh and will be in effect through January 31, 2024. While there will be a slight increase to the Regional Access Charge, the overall bill will decline for most members.
“One of the best things an electric cooperative can do for its members and communities is to keep electric rates affordable,” said NHEC President/CEO Alyssa Clemsen Roberts. “That’s been a challenge in New Hampshire recently, and we’re very pleased to be able to offer another rate decrease to our members.”
For more information about NHEC’s rates, including a current table of rates, please visit our website:
https://www.nhec.com/rates-tariffs/