Viewing a single comment thread. View all comments

madnu OP t1_ix0ou5a wrote

Many towns around have some kind of community electricity. People are supposed to be auto enrolled into it for a fixed rate for a longer term but if Eversource keeps on increasing rates like this, it will hit us someday all at once when that community electricity needs to renegotiate prices whenever its due.

145

TheColonelRLD t1_ix1gmxg wrote

Isn't there a state body/entity involved with approving rate increases?

33

nottoodrunk t1_ix1hklt wrote

Yeah eversource has to clear every rate hike with the state. Conversation probably goes like this:

“These were the quotes we got last year from LNG providers. This is what we’re getting this year now that we have to compete with Europe for LNG. We have to raise prices by X to cover it.”

“Understood, approved.”

64

zipykido t1_ix1mk2z wrote

National Grid increased their electric rates by 64%, they just pick a random number and someone in government approves it.

34

Old_Travel8423 t1_ix8y0vg wrote

Natural gas prices are volatile now. From $5 last November up to $9 and then recently back down to $5.66. https://fred.stlouisfed.org/series/MHHNGSP

Anything being negotiated now is likely based on futures market prices required to lock in the cost of generating the power. I wonder if the recent drop in natural gas prices will impact regulators’ view on the price increase.

5

giritrobbins t1_ix8jdh3 wrote

I'm pretty sure that information is available isn't it? The justification and everything else

3

bakgwailo t1_ix23l9v wrote

Can thank Mittens for that one. I'm sure the deregulation and free energy market will save us!

4

shuzkaakra t1_ix5t0vx wrote

>“Understood, approved.”

Oh it sounds like you need to raise it probably by even a bit extra, and maybe give my cousin bob a job in your freelance layabout department.

2

Cersad t1_ix1l8bn wrote

A lot of community electricity rates update by January. It'll be a painful transition for a lot of people.

4

Master_Dogs t1_ix4327s wrote

Medford just got a new contract with National Grid: https://medfordma.org/2022/09/29/city-providing-energy-cost-relief-to-residents-with-community-electricity-aggregation-renewal/

Rates went up from 11.507 cents/kWh to 15.358 cents/kWh - 33% increase. It's good until December 2024 but who knows what we'll end up with then. And still half the cost of the National Grid Basic supply rate of 33.891 cents/kWh.

2

Old_Travel8423 t1_ix8xnkb wrote

Seconding this, and it makes sense to check to make sure you’re on it. Somerville just negotiated Dec 22 to nov 24 rates. Perfect timing, and the rates are pretty good. Still an increase but much less than proposed for the eversource basic.

People also need to check their bill. My building has 3 meters (2 units and 1 common). All 3 were on different plans (Somerville green, eversource basic, and one other one). I just switched them all over to Somerville green which will be a net reduction in electric cost.

1