Connecticut Electricity Rates to Increase by 26% in January

The price that people pay for electricity in Connecticut is about to take a large increase for many residential customers. Connecticut Light & Power, the state’s largest electric utility, announced that their generation default rate for electricity will increase to $0.12629 in January from the 2014 rate of $0.0999. The increase represents a surge in price of 26% that consumers who remain on the default rate structure will see on their CL&P electric bills in the coming months.

Fortunately consumers of CL&P have the ability to shop for lower Connecticut electricity rates through the state’s energy choice act. Competitive electricity rates offered by alternative energy companies are available that will keep their energy bills under control. The rate hike will only occur for customers who do not shop and choose a competitive rate plan.

The rise in CL&P generation rates has been a trend for the past year. In July 2014 the CL&P default rate increased by 8.2% from the previous rate that had been in effect since January. The new rate that will go into effect on January 1, 2015 is 37% higher than the rate charged to customers in June 1, 2014. The new $0.12629 rate will stay in effect until June 30, 2015, at which point it could go even higher. Locking in a low fixed Connecticut electricity rate will not only offer customers savings right away, but will also provide price certainty for the second half of the year. Below are current CL&P competitive rate offers. Pries are updated on a daily basis.