The total monthly bill of a residential electricity customer in New Hampshire using 500kWh of electricity will increase by $1.94, from $64.01 to $65.95. The increase is directly attributable to the increase in the cost of electricity, said National Grid.
New Hampshire residents are currently paying 6.89 cents per kWh for electricity. The new rate will be 7.28 cents per kWh.
David Falkowski, senior vice president of US Regulation & Pricing, National Grid, said: “Although there’s been a slight increase in electricity costs in the past few months, the new commodity rate will be nearly 30% less than during the same period last year. We’re very happy to be able to pass these rates on to our customers.”
Commodity rates reflect the price National Grid pays for the electricity it purchases from the low bidder in a regularly scheduled competitive bidding process every six months for residential and small commercial and industrial customers, and every three months from large commercial and industrial customers, the company said.
The process follows regulatory guidelines put in place to ensure that National Grid secures the lowest price possible for electricity supply. According to the company, it does not make a profit on the commodity cost of electricity which it purchases for its customers.
