Unitil /Fitchburg Gas and Electric Files Increase to Electric Rates for Standard Offer Service Customers to Recover Higher Energy Supply Costs
Hampton, NH – May 25, 2001: Unitil Corporation (AMEX: UTL) (www.unitil.com) announced its wholly owned subsidiary, Fitchburg Gas and Electric Light Company (FG&E) has filed for an increase to its Standard Offer Service rates with the Massachusetts Department of Energy and Telecommunications (MDTE).
The proposed rates will result in an increase on a customer’s total bill from 9 to 13%. For example, a typical residential customer using 500 kWh of electricity per month will see an increase of $6.15, or 9.3%, yielding a total monthly bill of $72.17. The increase is driven by the continuing high cost of energy supply. Roughly 21,000 customers are on the Company’s Standard Offer Service, about 80% of the Company’s total electric customers. Subject to MDTE approval, the increase is proposed to go into effect July 1, 2001. Rates for Electric Default Service Customers will not be affected.
Standard Offer Service electricity supply is provided to electric customers of record on March 1, 1998 who have not received energy from a competitive supplier. Pricing is on a per-kilowatt hour basis, increasing annually according to a schedule approved by the MDTE, and subject to additional adjustments from time to time as approved by the MDTE. Pricing provisions for Standard Offer Service are similar among the Massachusetts Electric Distribution Companies. FG&E acquired the energy supply for its Standard Offer Service through a competitive wholesale market auction.
Unitil is a public utility holding company with subsidiaries providing electric service in New Hampshire and electric and gas service in Massachusetts and energy services throughout the Northeast. Its subsidiaries include Concord Electric Company, Exeter & Hampton Electric Company, Fitchburg Gas and Electric Light Company, Unitil Power Corp., Unitil Realty Corp., Unitil Service Corp. and its unregulated business unit Unitil Resources, Inc. Usource L.L.C. is a subsidiary of Unitil Resources, Inc. The Usource product line is available at www.usourceonline.com
For more information, visit Unitil at www.unitil.com or call Stephanye Schuyler at 603-773-6465.
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