Unitil/FG&E Electric Default Rates Remain Stable
Hampton, NH. (January 26, 2004): Unitil Corporation (AMEX:UTL) (www.unitil.com) announced today that its subsidiary Fitchburg Gas and Electric Light Company (FG&E) has filed the quarterly electric Default Service rate change for medium and large business customers with the Massachusetts Department of Telecommunications and Energy (MDTE). If the filing is approved, rates for medium and large business customers on electric Default Service will be virtually unchanged, with bills increasing in the range of 0.0 to 0.2% for the period beginning March 1, 2004.
Electric Default Service rates for residential and small business customers will be unchanged. Customers who have their own energy supplier or take Standard Offer Service are also not affected by this rate change.
The availability of electric Default service ensures that no one will ever be without a supplier of electricity. Electric Default Service is procured pursuant to state regulation in a highly competitive power supply solicitation process every six months for residential and small business customers, and every three months for medium and large business customers. The resulting rates reflect current market prices for electricity without any profit or markup from FG&E. Approximately 43% of FG&E's electric customers are 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. Its subsidiaries include Fitchburg Gas and Electric Light Company, Unitil Energy Systems, Inc., 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.
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