RI Energy proposes rate increases ahead of winter months

PROVIDENCE, R.I. (WLNE) — Rhode Island Energy submitted a form Monday outlining the potential electric supply prices for October, 2023 through March of 2024.

Officials said in a release, the proposed price-per-kilowatt-per-hour is 17.741 cents per kWh, as compared to the current rate of 10.341 cents per kWh, an overall increase of 7.4 cents per kWh.

Rhode Island Energy shared this graphic showing the proposed power supply rates for Oct. 2023 to March, 2024.

RI Energy said the increase could run a typical residential customer using 500 kWh per month, an increase of up to $32.29 per month, or 24%

Last winter, RI Energy said the price for residential customers was 17.785 cents per kWh, who experienced a monthly bill increase of $52, or 46%.

The Public Utilities Commission and Division of Public Utilities and Carriers shared this graph of the previous year’s rate increase.

RIE said the proposed prices are only applicable for those who utilize the company’s default rate, also known as the Last Resort Service. The prices do not apply to customers on a community aggregation plan or are using an alternate supplier.

“As anticipated, this upcoming winter’s supply prices are on par with what we experienced last season,” said Dave Bonenberger, president of Rhode Island Energy.

“Knowing these higher prices were coming, we’re grateful that Rhode Island’s elected officials had the foresight to pass legislation this year that will suspend the gross earnings tax on
our customers’ bills from December through March,” Bonenberger continued.

The Rhode Island Public Utilities Commission will make a decision on the proposed increase at a later date.

For more information on shopping for electricity, saving energy and getting bill assistance, visit Rhode Island Energy’s webpage.