Massachusetts residents can expect to see 64% increases in electricity prices as the local power company announced rates set to begin on Nov. 1.
National Grid, which provides electricity and gas to Massachusetts, announced Wednesday that the average consumer using 600 kWh of electricity would pay $293 this winter, compared to $179 last winter.
Helen Burt, chief customer officer for National Grid, said the higher prices were due to a "sustained high market price environment" that was beyond the company's control.
"National Grid buys electricity on behalf of its customers from the wholesale power market through a regulatory approved process established 20 years ago. That process has served customers well over the years and provides flexibility for unforeseen events, like limited supplier response to solicitations. But things have fundamentally changed,” Burt said. “Today, under a sustained, high market price environment, it is challenging to maintain affordable prices."
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The utility company also announced it was increasing its winter rates for gas, pending approval from the state's Department of Public Utilities. The proposal would mean customers of Boston Gas using the average 115 therms per month would pay 22% more than last winter and customers of Colonial Gas using the average 107 therms per month would pay 24% more than last winter.
The higher prices are a direct result of rising energy prices worldwide, as National Grid says it charges consumers commensurate with rates for the utilities from the market.
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Energy prices have remained high due to various factors, including the war in Ukraine. The most evident result of higher energy prices has been the high gas prices, which have gone down from their peak in June in most states .
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September 23, 2022 at 09:25PM
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