Eversource warns of 14% increase in customers’ winter bills as it pays $86M in Isaias restitution

The average Eversource natural gas residential heating customer could see a 14%, or $30, increase on their total bill this month as compared to their average monthly winter heating bill in 2020, the utility has announced.

“Because the Purchased Gas Adjustment (PGA) rate is adjusted monthly, customers can expect to see incremental changes throughout the heating season,” it said in a statement. “The increasing cost of natural gas will also impact the cost of electricity.”

Eversource cited the rising global demand for power following 10-year lows in prices during the Covid-19 pandemic. “The driving factors include an increase in global demand during the ongoing economic recovery and a significant drop in U.S. gas supply due to a number of issues including the pandemic and extreme weather in gas-producing states,” it said.

The cost of electricity changes twice a year in Connecticut for Eversource customers. The utility said it will file this week new cost of electricity rates applicable to customer bills beginning Jan. 1, 2022. Although it noted that it and other utilities do not earn a profit on the cost of electricity “and charge customers only what the company pays generators for electricity,” it warned that the cost of electricity “will likely rise” starting on the first of the year.

“With supply constraints, extreme weather and other challenges related to the pandemic driving up natural gas prices across the globe, our customers do have options to better manage their own energy use and to help pay their energy bills,” said Eversource Executive Vice President, Customer Experience and Energy Strategy Penni Conner. “Connecticut’s assistance programs are some of the best in the country and we urge customers to take advantage of options like UniteCT and COVID-19 payment plans while those options are still available.”

Customers can learn more about payment programs and enroll online at Eversource.com/BillHelp. Information on energy efficiency programs is available at Eversource.com.

On Monday, the utility reported earnings of $283.2 million in the third quarter of 2021, down 18% from its Q3 2020 earnings. For the first nine months of this year, Eversource earnings totaled $913.8 million, compared with earnings of $933.2 million in the first nine months of 2020.

Eversource said it took an $85.8 million charge through Sept. 30 to pay for settlements with the Connecticut Public Utilities Regulatory Authority over its controversial handling of Tropical Storm Isaias in 2020.

“We have resolved some significant regulatory uncertainties, made considerable progress with our partner Ørsted on siting more than 1,750 megawatts of offshore wind, and solidified our standing as one of the nation”™s most sustainable utilities,” announced Eversource President and CEO Joe Nolan.