PLYMOUTH, NH – Members of New Hampshire Electric Cooperative (NHEC) will be paying less for electricity next month. Effective May 1, typical residential members using 500 kWh per month will see an overall bill decrease of 8.7%.
The May 1 decrease follows another bill decrease of 3.2% that took effect January 1, 2012.
Driving costs down since the new year has been the retirement of NHEC’s Seabrook nuclear power plant debt in January, plus a combination of timely power purchases and dramatic declines in the price of natural gas.
The price of natural gas drives the price of wholesale electricity in New England. Approximately 35% of the electricity NHEC purchases for use by its members is generated by natural gas. Since 2008, natural gas prices have declined nearly 85%.
“Our ability to purchase electricity at prices that reflect this trend has contributed to the decrease that we’re able to offer our members in May,” said Steve Kaminski, NHEC Vice President of Power Resources & Access.
The May 1 rate change will result in an overall bill decrease of $8.23 for the typical residential member using 500 kWh per month. When the new rate change takes effect, the monthly bills of typical residential members will have decreased $11.37 since January 1, 2012.