Unitil Files Basic Service Electric Rate Increase
Hampton, NH - (October 24, 2005): Unitil Corporation (AMEX:UTL) announced today that its Massachusetts subsidiary filed revised Basic Service electric energy prices with the Massachusetts Department of Telecommunications and Energy, based on a recently completed competitive bidding process for wholesale electric energy supply contracts. If approved, these new energy prices will take effect December 1, 2005.
A typical residential customer on Basic Service using 500 kWh per month will see a bill increase from $76.25 to $99.79, or 31%. This price increase is similar to increases being experienced by other utilities in the region and reflects the currently high market prices for electricity that are driven by record prices for various fuels used to generate electricity including natural gas and oil, which have more than doubled over the past year. Basic Service is procured through a competitive bid process and the resulting prices are passed through to customers without profit or mark up from the local distribution company.
"The United States is facing the most significant energy crisis in 30 years," said Unitil CEO Bob Schoenberger. "In the short run, we must all do what we can to use energy wisely, to minimize the economic impact. By conserving, customers can lower their bills and also send a message to the marketplace that prices are too high. We have stepped up our efforts to inform customers about how to better control their energy costs and to make sure we are helping those most in need."
For information on how customers can conserve energy and control their energy costs, visit the Unitil web site at www.unitil.com or contact Unitil's customer service center at 888-301-7700. Additionally, low income customers may qualify for Federal Fuel Assistance. Contact the New England Farm Workers Council at 978-342-4520 for details. For those in financial crisis who do not qualify for Federal Fuel Assistance, the Good Neighbor Energy fund may help - contact the Salvation Army at 978-342-9407.
Unitil Corporation (AMEX:UTL) at www.unitil.com is a public utility holding company with subsidiaries providing electric service in New Hampshire, electric and gas service in Massachusetts and energy services throughout the Northeast.
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