PROVIDENCE, R.I. (WPRI) — Even though electric rates are currently at an all-time low, National Grid expects prices to skyrocket this fall.
Ted Kresse, a spokesperson for National Grid, tells 12 News that customers are currently paying just over 7 cents per kilowatt-hour.
“Right now, customers are seeing some of the lowest summer rates that we have seen,” Kresse said.
Kresse said electric rates typically go down in the summer and up in the winter.
And while electric rates are low right now, National Grid expects them to more than double in October.
“Right now we are looking at about 16 cents per kilowatts-hour,” Kresse estimated.
Kresse said there are a number of factors that will likely cause electricity rates to spike.
“Certainly inflation, high natural gas prices right now, the situation in Ukraine … there are a lot of things coming together to create this situation,” he explained.
State regulators have the authority to lessen the burden on customers by spreading out the cost across a 12-month period, according to Kresse.
This would mean that, instead of electric rates dipping in the summer months, the cost would remain steady. The last time regulators did this was in 2018, according to Kresse.
Regulators will take National Grid’s proposed rates into consideration in July before they’re officially set in October.
In the meantime, National Grid suggests customers take the steps necessary to reduce their electric bills this coming winter.
Those steps include customers insulating and air-sealing their homes, turning off appliances and electronics while they’re not in use, turning the water heater temperature down and making use of natural light sources during the daytime.