Rhode Island Energy: Customers can expect lower electricity supply costs for the upcoming summer season – What's Up Newp

Rhode Island Energy customers can expect lower electricity supply costs for the upcoming summer season beginning on April 1, according to a news release from Rhode Island Energy.

The energy company says that it has filed summer electricity supply prices for its “Last Resort Service” (LRS) customers with the Rhode Island Public Utilities Commission (PUC), which if approved, will mean a 19 percent decrease compared to winter rates.

As filed, Rhode Island Energy says that the summer supply cost for a residential LRS customer is 10.175 cents/kWh compared to the current winter supply price of 16.387 cents/kWh.

“We continue to do everything we can to keep energy costs as low as possible for our customers, and I’m pleased the market prices of electricity will once again come down in the summer so we can pass those savings on to customers,” said Rhode Island Energy President Greg Cornett in a statement. “Our number one priority is providing our customers with reliable, affordable and sustainable energy and we encourage all customers to explore the variety of ways we can help them save energy and money – including our payment plans, assistance programs and energy efficiency solutions.”

Rhode Island Energy delivers electricity to its customers but does not own power plants that generate that electricity. The company says that it buys power on behalf of customers who do not choose to buy from a competitive supplier, or are not part of a municipal aggregation program, and sells that power to those customers with no markup or profit. LRS rates are updated twice a year – in April and October – and the company says that it does not control the cost of electricity supply on the market. 

The proposed price is comparable to last year’s summer costs, according to Rhode Island Energy. Due to an increase in the cost of the Renewable Energy Standard (RES), the average residential customer using 500 kWh of electricity will see a slight 25-cent increase on their total bill per month compared to last summer. The RES charge requires energy suppliers to purchase a percentage of electricity sold in Rhode Island from renewable resources.

Rhode Island Energy recommends customers visit www.RIEnergy.com to learn more about steps they can take to help reduce their energy consumption, costs, and their impact on the environment.