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PSNH Projects Increase in Default Service Rate in July, Blames Return of Customers from Competitive Supply
Public Service of New Hampshire has forecast an increase in the default service electric rate, effective July 1.
PSNH has not yet formally requested a default rate adjustment, but based primarily on, "volatile energy market costs," an increase of about two percent to average overall rates is anticipated.
Specifically, PSNH is forecasting a default energy service rate of 9.98 cents per kilowatt-hour (kWh) effective July 1, compared to its current Energy Service rate of 9.23 cents per kWh.
"The anticipated change in the Energy Service rate is due mainly to higher energy market prices experienced during the recent winter months, and the forecast of higher market prices for the remainder of the year," PSNH said.
The rate forecast will be updated with then-current numbers in a June filing with the NH PUC.
"PSNH's state regulated power plants this winter produced energy at prices much less than the independent regional market, but additional energy, at higher prices, had to be secured from the market in order to meet increased customer demand," PSNH said.
PSNH further noted that the migration of customers away from PSNH to independent suppliers reversed during the winter, "and the company purchased energy from the market place when demand rose."
"Independent suppliers have acknowledged that they move customers back to PSNH when market prices are higher than our Energy Service rate," said PSNH Spokesman Martin Murray. "That requires us to then purchase higher priced energy from the market to meet demand above and beyond what our more economical power plants produce. Part of our July 1 adjustment is to recover the incurred costs."
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May 5, 2014
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Reporting by Karen Abbott • kabbott@energychoicematters.com
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