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« Laura Bush to give RWU commencement speech | Today | Former Providence School Board member Burns dies » April 21, 2006National Grid cuts proposed rate drop in halfNational Grid has cut in half its proposed rate decrease for its customers in Rhode Island, citing the rising cost of natural gas and oil over the past two weeks. This afternoon, the electric company told state regulators that it wants to reduce rates by about 1.9 percent, instead of the 3.9 percent reduction it had proposed on March 31. The new proposal would lower a typical customer's monthly bill from $80.94 a month to $79.38 a month, a reduction of $1.56. The company still wants the rate change to be effective on May 1. The Public Utilities Commission is expected to take up the matter at its next open meeting on April 26. The initial decrease was proposed in light of declining energy prices last month. But over the past two weeks, crude oil prices reached a new record high, and natural gas prices are rising as well. Electricity rates for National Grid's customers in Rhode Island are directly tied to the market price of crude oil and natural gas. The company's contracts with most of its electricity suppliers contain stipulations that require National Grid to pay more for the power, if energy prices rise above a certain trigger point. "Despite that increase [in energy prices], there still is a decrease" in rates, said David Graves, a spokesman for National Grid. "Unfortunately, it's not as large as we had originally hoped." The proposed rate for "standard offer" service, which most customers receive, would be 9.7 cents per kilowatt-hour, down from the current rate of 10 cents per kilowatt-hour. Posted by Tim Barmann CommentsBruce Ryerson | April 23, 2006 6:04 PM link Post a commentPlease be civil. Vicious comments, personal attacks and profanity won't be published. Name and email are required; email address will not publish. |
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ProJo 9 to 5 News Blog
Oct 2005 - March 2006
I'm a bit fearful of these guys because I think they are taking over the gas supply from Prov. Gas, just as Petro deBlois took over 90% of the oil suppliers around here...Monopolys scare me.....