BOSTON – Massachusetts electric customers had 36 fixed rate offers from competitive energy suppliers in February that were less than the standard supply rate offered by utility companies in the state’s seven service territories. The average rate for the competitive energy supply offers was 12.49 cents a kilowatt hour (kWh), while the collective average rate of the seven utility companies was 13.82 cents a kWh. Customers who shopped for the lowest competitive energy supply offer could have saved an average of 1.33 cents per kWh statewide – or nearly 10 percent on their electric bill.
If a residential customer uses 1,000 kWh of electricity a month, their February supply savings would have been $13.30.
February brought a new rate term for utility companies, dropping the monthly rate by 2.28 cents from the January collective average rate. Even with the rate drop, competitive energy suppliers still produced offers at lower rates.
All Massachusetts electric customers could have collectively saved more than $19 million if every customer enrolled with a competitive electric supplier that offered the lowest rate in their area.
A total of 245 competitive electric supply offers were available in February, of which 117 were fixed-rate offers. Customers also had 128 green energy supply offers to choose from. In the National Grid – Massachusetts Electric Company (NGRID – MECO) service territory there were four green energy supply offers less than the NGRID – MECO utility supply rate. The lowest offer was .68 cents cheaper.
The monthly rate summary analysis can be found here.
Data for this analysis is sourced from Massachusett’s state-managed energy shopping website, EnergySwitchMA.gov.
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