Modest Rate Increases Ahead for NHEC Members by NHEC | Dec 20, 2024 | Board of Directors, RatesDecline in Co-op Power Rate Helps to Offset Other Rate Increases PLYMOUTH, NH – The New Hampshire Electric Cooperative (Co-op) Board of Directors this week completed the two-month rate-setting process that will result in modest increases in member residential bills for 2025. Starting on Jan. 1, member bills will increase 1.7 percent (for 500 kWh a month) to support reliability and service improvements for electricity distribution to members. On Feb. 1, the new six-month default energy rate, which includes transmission costs, will increase member bills by another 1.6 percent. The good news for members centers on the Co-op power rate. The new rate of 8.108 cents per kWh is a 6 percent decrease from the current rate, making this the fifth consecutive rate period to see a decline. These rates will be in effect through July 31, 2025. Transmission rates, the cost of transporting the electricity to NHEC’s distribution system – which the Co-op does not control – are set to rise significantly in New England in 2025, resulting in a 30 percent increase to the Regional Access Charge, which is why rates will increase in February despite the reduction in the Co-op power rate. “Even small rate increases are unwelcome, but the Board of Directors believes the approved distribution and energy increases are reasonable and needed to continue providing reliable service to members,” stated NHEC Board Chair Bill Darcy. “It is unfortunate that regional transmission costs over which NHEC has no control are increasing so much, but the staff and Board have made changes in other areas to keep rates for members affordable, especially when compared to other electric utilities in New Hampshire.” “Affordability is a cornerstone of the Co-op’s five-year strategic plan,” stated Michael Jennings, incoming Interim President & CEO of the Co-op. “We are committed to managing the costs within our control and closely monitoring external factors that increase the overall cost of electricity delivery for our members.” For more information about Co-op’s rates, including a current schedule of rates, please visit our website: www.nhec.com/rates-tariffs/. About New Hampshire Electric Cooperative Founded in 1939 and headquartered in Plymouth, NHEC is a nonprofit electric distribution cooperative that is owned by the members it serves. NHEC provides energy and energy solutions to 86,000 homes and businesses in 118 New Hampshire communities. Through its wholly-owned subsidiary, NH Broadband, NHEC is building fiber-optic networks to provide high-speed internet access to its members, regardless of their location. Learn more at nhec.com, or nhbroadband.com.
NHEC Offers New Renewable Energy Rate by NHEC | Jul 24, 2024 | Energy Efficiency, Rates, UncategorizedPLYMOUTH, NH – New Hampshire Electric Cooperative (NHEC) now offers an optional Renewable Energy Rate for members who wish to support the development of renewable energy in the region. Members who enroll in the Renewable Energy Rate have the choice to purchase Co-op Power with 50 percent or 100 percent renewable attributes. For the Aug. 1, 2024 to Jan. 31, 2025 rate period, the 50 percent renewable option is 1.861 cents more per kWh than the Basic rate. The 100 percent renewable option is 3.861 cents more per kWh than the Basic rate paid by most members. The added revenue received will be used by NHEC to purchase Renewable Energy Certificates (RECs), which are a way to account for and encourage renewable energy production and use. “Our purpose is to serve our members, and to provide them with affordable, reliable electric service. We have a diverse membership, a number of whom are passionate about supporting and growing sources of renewable energy. Offering this new renewable rate aligns with our goal as a cooperative to provide energy solutions for all the segments of our membership,” said Alyssa Clemsen Roberts, President & CEO of NHEC. “Increasingly, our members have expressed a desire to have more of the power they use come from renewable sources. Recognizing this, the board worked to create this option for our members who want to do more to increase the use of renewable energy,” said NHEC Board Chair William Darcy. The Renewable Energy Rate is available to all members who purchase Co-op Power at the Basic residential classification of service (rate codes B or N01A). To learn more about NHEC’s Renewable Energy Rate, please visit: www.nhec.com/renewable-energy.
Fourth Consecutive Rate Cut for NHEC Members; Electric Bills Going Down Aug. 1 by NHEC | Jul 3, 2024 | Rates, UncategorizedPLYMOUTH, NH – New Hampshire Electric Cooperative members will benefit from the fourth consecutive rate cut in two years resulting in an overall bill decrease for most members beginning Aug. 1. The NHEC Board of Directors approved the cut this week. The board’s approval of the rates, combined with NHEC’s strategy and flexibility in purchasing power, will result in a total bill reduction of 6 percent, or about $8 per month for the average Co-op member using 500 kWh. The average member using 1000 kWh will see a reduction of 7 percent, or $16. “Our mission is to provide our members with affordable, reliable service and that’s exactly what we’re doing. I’m proud of the work our team has done to deliver some of the lowest electric rates in New Hampshire to our members,” said Alyssa Clemsen Roberts, President and CEO of NHEC. “We’ll remain focused on affordability moving forward as it’s one of the key pillars of our five-year strategic plan and we’ll continue to put our members first.” The upcoming change in August includes a 15 percent reduction in the Co-op Power rate for most members, which reflects the actual cost of power that NHEC purchases. The Regional Access Charge will decrease by 3 percent. “We’re pleased we’re able to provide another rate cut that will lower our members’ bills and that the rates are lower than proposed by the other investor-owned electric utilities in New Hampshire. With our members experiencing lower bills it is my hope more of them will consider participating in our Round Up program to ensure our continued support of community organizations and programs,” said William Darcy, chair of the NHEC Board of Directors. Round Up is a voluntary program that increases a member’s monthly bill to the next whole dollar with the difference allotted as a contribution to the New Hampshire Electric Co-op Foundation. The Foundation manages these contributions and uses the funds to issue grants to local charitable organizations and programs that improve the quality of life for our members and our communities. For more information about NHEC’s rates, including a current schedule of rates, please visit our website: nhec.com/rates-tariffs/.
NHEC Board Approves Rates; Electric Bills to Decrease in February by Colin Manning | Dec 21, 2023 | Rates, UncategorizedPLYMOUTH, NH –The New Hampshire Electric Cooperative (NHEC) Board of Directors this week approved rates that, combined with NHEC’s strategy and flexibility in purchasing power, will result in an overall bill decrease for most members beginning Feb. 1. “We’re focused on keeping electric rates affordable for all of our members. Over the past year we have been able to steadily decrease members’ electric bills and we’re pleased to be able to continue that trend,” said Alyssa Clemsen Roberts, President and CEO of NHEC. The Co-op Power rate, which reflects the actual cost of power that NHEC purchases for use by its members is decreasing by 11 percent ($0.01264 per kilowatt hour) and will be in effect through July 31, 2024. The board approved the staff recommended increases in the Member Service Charge of 4.9 percent ($1.63 per month) and the Distribution kilowatt per hour (kWh) charge of 6.8 percent ($0.00274 per kWh) for most members. This will result in about a 2.3 percent increase ($3 increase per month) beginning in members’ January bills. However, the approved Co-op Power rate reduction will more than offset this increase, resulting in a $6 per month decrease in the overall bill for a typical member starting in February. For more information about NHEC’s rates, including a current schedule of rates, please visit our website: www.nhec.com/rates-tariffs/ # # # Contact: Colin Manning (603) 361-4459 manningc@nhec.com
Second Consecutive Rate Cut Coming for NHEC Members by NHEC | Jun 30, 2023 | Rates, UncategorizedPLYMOUTH, NH – The Board of Directors approved this week the second consecutive rate cut in a year for most New Hampshire Electric Cooperative (NHEC) members. Beginning August 1st, the rate change will result in an overall bill decrease of 7% (or $10.03 per month) for the typical member using 500 kWh of electricity per month. The typical 1,000 kWh member will see a total bill decrease of 8% ($20.27 per month). This most recent decrease comes on the heels of a February 2023 rate reduction that resulted in a total bill decrease of 9.3%. It is also a welcome sign that wholesale electricity prices continue to ease in New England, following a turbulent period of sharp increases in 2022. The August 2023 change includes a decrease to the Co-op Power rate, which reflects the actual cost of power that NHEC purchases for use by its members. The new Co-op Power rate will be 11.42 cents per kWh and will be in effect through January 31, 2024. While there will be a slight increase to the Regional Access Charge, the overall bill will decline for most members. “One of the best things an electric cooperative can do for its members and communities is to keep electric rates affordable,” said NHEC President/CEO Alyssa Clemsen Roberts. “That’s been a challenge in New Hampshire recently, and we’re very pleased to be able to offer another rate decrease to our members.” For more information about NHEC’s rates, including a current table of rates, please visit our website: https://www.nhec.com/rates-tariffs/
Electric Bills Trending Lower in 2023 for NHEC Members by NHEC | Dec 21, 2022 | Rates, UncategorizedPLYMOUTH, NH – The New Hampshire Electric Cooperative (NHEC) Board of Directors has approved changes to rates that by February 1, 2023 will result in an overall bill decrease of 9.3%, or $14.43 per month for the typical residential member using 500 kilowatt-hours (kWh) of electricity per month. The first change will occur with bills rendered on or after January 1, 2023, when the Member Service Charge portion of members’ bills will increase by 1.3%, or $2.01 per month, from $31.02 per month to $33.03 per month. On February 1, 2023 a reduction in the Co-op Power Charge and the Regional Access Charge will result in a 10.5% decrease for typical residential members. The combined effect of these changes will result in an overall bill decrease of 9.3% per month, effective with bills rendered on or after February 1, 2023. The Member Service Charge is a fixed, monthly fee that helps cover the operating expenses of the cooperative, including the maintenance and improvement of its electric distribution system. The change was approved in part to fund increased investment in right-of-way clearing and other system reliability improvements. It will also help NHEC to keep pace with rising local property taxes, increased interest expenses and inflationary costs. The Member Service Charge is assessed to all NHEC members, regardless of how many kilowatt-hours of electricity they use. The reduction in the Co-op Power Charge and the Regional Access Charge rates reflect an easing of energy prices in the region, which is welcome news for NHEC members after a period of escalating energy costs. The Co-op Power rate and the Regional Access Charge are adjusted twice a year to reflect the actual cost of power that NHEC purchases for use by its members. NHEC does not mark up the rate it charges for power, nor does it profit from the sale of electricity. Effective with bills rendered on or after February 1, 2023, the Co-op Power rate will decrease from 16.98 cents per kWh to 13.78 cents per kWh. The Regional Access Charge reflects the cost NHEC pays to have electricity delivered to its substations, as well as a state-required refund of Regional Greenhouse Gas Initiative (RGGI) proceeds. The Regional Access Charge will decrease from 2.85 cents per kWh to 2.76 cents per kWh with bills rendered on or after February 1, 2023. A complete list of NHEC rates, charges and fees is available here: https://www.nhec.com/rates-tariffs/.