Connecticut energy customers in the state’s largest electric utility, Connecticut Light & Power (CLP), can reduce their electric bills by shopping for competitive electricity prices. CLP is the regulated electric utility for all of Hartford.
Hartford energy customers who do not choose their electricity supplier pay a generation service default rate through CLP. Even though the default generation rate was reduced 14% from 2010 to 2011, even lower electric rates can be obtained for those consumers who take the time to learn about Connecticut electricity choice and find the lowest prices available in the competitive market. CLP remains the power delivery company for all of their customers including those who select an alternative electricity company. The Connecticut energy choice law has unbundled CLP from a full service electricity generation and delivery company to just a regulated electricity delivery company.
Choosing an alternative energy company in Connecticut does not affect the quality of power that you receive. As the local utility company in Hartford, residences will continue to receive their monthly electric bill from CLP even after thy select a less expensive electricity supplier.
Here are the lowest electricity rates in Hartford, CT (updated daily):
New Jersey electric customers have more rate options than ever before. The four local utilities – PSE&G, JCP&L, Atlantic City Electric, Rockland Electric – all have default electric rates that are higher than competitive market rates for power.
Despite this opportunity for savings, only 3.3% (as of September 2010) of all New Jersey customers have switched away from default service on to lower rate structures. Larger businesses have been quicker to switch as the Board of Public Utilities in New Jersey reports about 72% of the states largest customers (those using above 10o0 KW demand) have contracted out with alternative suppliers.
The consumers who can really benefit from electricity deregulation in NJ are the small business and residential customers. The switch rate with these classes are extremely low. Though New Jersey has had a deregulated electricity market for several years now, there has only been real savings opportunities available over the last 20 months or so. Electricity deregulation is still a new idea for many NJ residents.
What people in New Jersey should understand is that their local utility company is no longer responsible for their supply charges. The utility companies, such as PSE&G and JCP&L, want their customers to shop for lower electric rates. They do not profit off of the default service that they offer to customers who do not shop. The utility companies are now soley in the business of delivering power.
We have found that most small businesses in New Jersey can expect to see savings between 10-20% if they take the time to shop the electricity market and compare prices. Residential customers, depending on their utility, can see savings between 5-15%.
ElectricityWatch recommends customers look for electric prices that are fixed.
PSEG Rates
JCPL Rates
Atlantic City Electric Rates
PECO conducted the third of four auctions for power to serve customers starting in January 2011. It was the second in which the company purchased power to serve small and medium commercial and industrial customers. Those two auctions have an average price from PECO of 8.66 cents/kWh for small and 8.63 cents/kWh for medium C&I customers. The retail price for small and medium C&I came from a wholesale energy price of 7.61 cents/kWh.
Because energy prices fluctuate, PECO is buying the electricity needed to serve customers in 2011 at four different times – reducing the risk to customers of purchasing electricity all at one time when market prices could be high. PECO will complete the remaining purchases in September 2010. The results of all four purchases will determine the exact price PECO’s customers will pay for electricity beginning Jan. 1, 2011.
