Unitil/FG&E to Decrease Electric Default Service Rates
Hampton, NH. (October 21, 2002): Unitil Corporation (AMEX:UTL) (www.unitil.com) reported that its Massachusetts subsidiary Fitchburg Gas and Electric Light Company (FG&E) has filed with the Department of Telecommunications and Energy (MDTE) to decrease its electric Default Service Rate to residential customers by approximately 8%. The decrease will apply for the six-month period beginning December 1, 2002.
The new Default Service Rates are among the lowest in Massachusetts, and result from a successful and highly competitive power supply solicitation process completed last week by the Company. Unitil/FG&E's Default Service Rates also continue to be below the Standard Offer Rate - as a result all of the Company's Low Income customers will remain on Default Service.
A typical Low Income customer using 500 kWh per month will receive a total bill decrease of $2.15 per month to $48.94, or 4.2%. A typical residential customer on Default Service using 500 kWh per month will see their bill decrease by $2.15 to $62.20, or 3.3%. Commercial and Industrial Default Service customers will see bill decreases of about 2% to 8% depending on usage and rate class.
Unitil/FG&E provides Default Service to electric customers who do not receive Standard Offer Service or Competitive Supply Service. Approximately 36% of its customers are currently on Default Service.
Unitil 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. Additional information is available at www.unitil.com. Unitil's 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 segment Unitil Resources, Inc. Usource L.L.C. is a subsidiary of Unitil Resources, Inc. The Usource product line is available at www.usourceonline.com.
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