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« Beacon Mutual board meeting again tonight | Today | Campus police probe stolen URI student newspapers / Photo » April 26, 2006Planned drop in electricity rates evaporatesNational Grid's shrinking rate reduction appears to have disappeared altogether. Last month, the electric distribution company proposed lowering electricity rates by 3.9 percent, citing a drop in energy prices. Last week, it cut the proposed reduction in half to 1.9 percent. This afternoon, the state Public Utilities Commission voted unanimously to hold off on any rate reduction, for at least 30 days, because of wide swings in the energy markets. The decision leaves the current rate for "standard offer" service, which most customers receive, at 10 cents per kilowatt-hour. A typical customer who uses 500 kilowatt-hours of electricity pays $80.94 each month. "Prices have been so volatile, we want to have a better handle" on the energy market, said Elia Germani, chairman of the PUC, in an interview after the vote. "If we drop the rates today, and the price increase continues, then in a very short period of time, we'd have to raise rates," Germani said. National Grid raised electricity rates in October and January. Together, those increases added $18.18 a month to the bill of a 500-kilowatt-hour customer, a 29-percent hike. Posted by Tim Barmann CommentsPost 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