Connecticut's Norwich Public Utilities recently announced it plans to reduce its electricity rates by 14 percent, which will come as a welcome change for the utility's 22,00 residential and business electricity customers.

According to the Connecticut Day, the rate decrease will go into effect on November 1, and will help offset hikes related to recent sewer and water rate increases. NPU said the lower rates were due to a major fall in the price of wholesale electricity. This cost, called the Purchased Power Adjustment, makes up about 60 percent of NPU customers' electricity bill.

Now, the average residential customer, who uses about 500 kilowatt hours of electricity per month, will save roughly $14 on their electricity bill. Business electricity rates will fall by as much as $21, the media outlet stated. The changes are expected to stay in place for the next two years.

Utilities in Connecticut are now also having to compete with retail energy providers, which since 2000, have been enticing a growing number of utility customers to switch electricity suppliers.