Eversource says more natural gas needed to bring down electricity costs
Connecticut and Massachusetts regulators have been told that an increased supply of natural gas is needed to bring down the cost of electricity.
More liquefied natural gas needs to be brought in through terminals in Massachusetts to increase the supply, said James Daly, vice president for energy supply at the region’s largest electric utility, Eversource.
“That’s the only thing that can bring prices down,” he told regulators from Connecticut and Massachusetts
“I appreciate the detailed conversation that we’ve been having here about tweaks to how we precure standard service, basic service and everything else but it won’t fix a structural problem in the wholesale market,”’ Daly said.
They are looking into Eversource’s electricity procurement practices after the company hiked its standard electricity rate this month. The median Eversource customer is expected to see a $55 dollar increase in their bill.
The regulators from both states say they want to move away from depending on fossil fuels.