A warm winter that has reduced the cost of natural gas, the fuel that supplies half the region’s electricity, has allowed New Hampshire Electric Cooperative’s Board of Directors to approve an unusual out-of-cycle reduction in rates: a 26% cut in its electricity supply rate.
The reduction will result in an overall bill decrease of about $11 for the average residential member using 500 kilowatt-hours per month.
New Hampshire Electric Cooperative typically adjusts its co-op power rate, which reflects the cost of electricity it buys on the market and passes on to the members, in November and May. But since the winter rate was set in 2019, the company said in a press release, “the market cost of electricity has plummeted,” allowing a reduction in the power rate.
This drop in electricity prices is due to many reasons — “most notably, New England has experienced a very mild winter, which kept the cost of electricity low.”
“I am pleased that we were able to move quickly to reduce our rates and pass along the benefit of the low-market prices to our members,” said Steve Camerino, president and CEO of the cooperative. “New Hampshire Electric Cooperative is a nonprofit cooperative and we operate at cost, so our rates reflect the expenses we incur to serve our members.”