Eversource Seeking $96 Million Rate Increase

BOSTON – Eversource is looking to increase customer electricity rates by $96 million.

The company, which provides power to Cape Cod and Martha’s Vineyard, filed a request Tuesday with the Department of Public Utilities.

An Eversource spokesman said the proposed rate hikes are based on operation and maintenance costs and are part of a longer-term plan to modernize the electric grid.

“Customers are experiencing fewer and shorter outages as a result of our smart investments in sophisticated technology,” said Craig Hallstrom, President of Massachusetts Electric Operations at Eversource.

According to the rate filing, residential customers would see their rates go up 7 percent, or $8.45 to the monthly bill of a typical residential customer using 550 kilowatt hours.

“We’ve also worked hard to improve reliability for customers with efforts like our enhanced tree trimming programs, all while holding the line on rising costs,” Hallstrom said in a statement.

The company also said their distribution rates have remained stable over the last 10 years, while supply rates have increased.

Shortly after Eversource announced the proposed rate increase on Tuesday, Massachusetts Attorney General Maura Healey said she would challenge the proposal. 

Healey said Eversource should be returning profits to customers, not raising rates. The Democrat is urging the public utilities department to reject the rate increase request.

She also called on the DPU to investigate why the allowed profits for Massachusetts utility companies are higher than profits in neighboring states

“As a regulated public utility, Eversource is required to justify why the state should permit it to raise electric rates on residents and business customers,” said Healey.

“Our initial evaluation shows that Eversource should be returning profits to customers as savings, not raising rates. We urge the DPU to reject Eversource’s request for a rate hike,” she said

“Because Massachusetts’ small business owners are increasingly concerned that the high cost of energy is affecting their ability to compete here, we will be closely monitoring the proceedings before the Department of Public Utilities and thank Attorney General Healey for her advocacy on behalf of small businesses,” said Bill Vernon, Massachusetts State Director of the National Federation of Independent Business (NFIB).