New England tends to suffer from some of the highest electricity prices in the country, but National Grid, which provides power in New York and Rhode Island as well as Massachusetts and New Hampshire, announced that declining natural gas prices have helped it lower electricity rates for its customers.
"It’s gratifying to be able to again pass these cost savings on to our customers," Marcy Reed, president of National Grid in Massachusetts, said in a statement. "With nearly 40 percent of the electricity used in Massachusetts being generated by natural gas, and with continued low natural gas prices, we expect that customers will see the benefits of these lower costs in both their natural gas and electricity bills."
With the average residential customer in Massachusetts using 500 kilowatt-hours of energy, residents could see their electricity bills fall as much as $7.74 per month, more than a 10 percent drop.
New Hampshire residents will see an even more dramatic drop, with average customers paying $9.31 less per month, nearly 14 percent less.
These lower electricity rates should help push retail electricity providers as well, potentially leading to even greater savings.