Fourth Consecutive Rate Cut for NHEC Members; Electric Bills Going Down Aug. 1

by NHEC | Jul 3, 2024 | Rates, Uncategorized

PLYMOUTH, 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, Uncategorized

PLYMOUTH, 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/

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Contact: Colin Manning
(603) 361-4459
manningc@nhec.com

Second Consecutive Rate Cut Coming for NHEC Members

by NHEC | Jun 30, 2023 | Rates, Uncategorized

PLYMOUTH, 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 1^st, 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, Uncategorized

PLYMOUTH, 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/.

NHEC Sets New Power Rate

by NHEC | Jun 28, 2022 | Rates, Uncategorized

PLYMOUTH, NH (June 28, 2022) – New Hampshire Electric Cooperative (NHEC) is increasing its Co-op Power Charge from 9.62 cents per kilowatt-hour (kWh) to 16.98 cents per kWh. The new rate will take effect with bills rendered on or after August 1, 2022.

The Co-op Power Charge includes the cost that NHEC pays to purchase electricity on behalf of its members from the wholesale electricity market. The cost of these electric market purchases is directly passed through to members who have not chosen to purchase power from a competitive supplier. NHEC does not add any additional charges or fees to its Co-op Power Charge, and it does not fund NHEC’s operations.

In New England, natural gas is the predominant fuel used to generate electricity. The price of natural gas is nearly three times higher than this time last year. Natural gas prices are impacted by global supply and demand, which has led to historically high electricity prices in New England and across the country.

The new Co-op Power Charge and Regional Access Charge will result in a $37.55 a month increase for the typical residential member using 500 kWh per month, or 32% total bill increase. Members using 1,000 kWh per month will see a total bill increase of $75.09 per month, or 37%.

“The price of the electricity NHEC purchases for our members who opt to take Co-op Power energy service has continued to climb,” said Brian Callnan, NHEC’s VP of Power Resources and Access. “An adjustment to the Co-op Power Charge will help stabilize our members’ electricity costs through the upcoming fall and winter.”

“From the supermarket to the gas station to the electric meter, costs are up across the board,” said Jim Bakas, NHEC’s Interim General Manager. “We know that any rate increase is difficult for our members, many of whom are on fixed incomes or already struggling to pay their bills. We want our members to know that we are here to help and there are Co-op, state and local assistance programs available. We encourage members to call us at (800) 698-2007, or visit www.nhec.com/financial-assistance. Our Member Solutions representatives are ready to create payment plans or budget billing that works for you. Our Energy Solutions department is also ready to help with efficiency programs that offer incentives, rebates, and advice for getting the most from your energy dollars.”

Co-op Power Rate Adjustment Schedule

NHEC has traditionally adjusted the Co-op Power and Regional Access Charges in May to reflect power and transmission costs for the upcoming summer period, and again in November for the winter period ahead. To mitigate seasonal price fluctuations and provide NHEC members with more stable rates, NHEC is changing the time of year it sets these charges to August and February of each year. Setting the Co-op Power Charge in August and February will align NHEC with other New Hampshire utilities and avoid the large swings in electricity prices that have occurred over the past several years.