Connecticut’s Bond Commission approved borrowing $155 million to provide relief for electricity customers paying high bills in the state on Friday.
Governor Ned Lamont, the commission's chair, said the borrowed money would be used to offset certain public benefits charges on customers’ electricity bills.
“On top of that, rates on generation are going down a little bit, so that’s all good news in terms of your July bill, “ he said, referring to electricity customers.
“What’s not so good news is July was probably the hottest July in recorded history, or close to it, so a lot of air conditioning is up. So we’ll see what happens to your final bill. But rates are going down as of July 1,” Lamont said.
It’s anticipated that the average electricity customer will see about a $10 monthly reduction in the public benefits portion of their bill.
Another $155 million in state bond funding is expected to be released next year to allow the savings to continue into 2027.
The move results from a bipartisan energy bill that state lawmakers passed this year.
