Unitil/FG&E Files Increase in Electric Standard Offer Rate
Hampton, NH - April 3, 2003 - Unitil Corporation (AMEX: UTL) (www.unitil.com) announced today that its wholly owned subsidiary, Fitchburg Gas and Electric Light Company (FG&E), filed for an increase in its electric rates for its Standard Offer customers with the Massachusetts Department of Telecommunications and Energy (MDTE). If approved by the MDTE, the proposed rates will go into effect May 1, 2003. Massachusetts Electric Company and the NStar Companies also filed for increases with the MDTE today.
If the Unitil/FG&E filing is approved, the price for Standard Offer Service to electric customers will increase from its current level of $0.05360 per kWh to $0.05602 per kWh. This rate change will result in an increase of $1.21 per month, or 1.9%, for a Standard Offer residential customer using 500 kWh per month, resulting in a total monthly bill of $66.23.
Standard Offer Service is available from FG&E under a standard tariff for any customer of record at March 1, 1998, who has not received energy supply from a competitive supplier. Roughly 60% of Unitil/FG&E's electric customers are on Standard Offer Service. The Standard Offer price is based upon a fixed contract price each year, adjusted by an index factor for the market price of generation fuels such as natural gas and oil.
The rate increase reflects higher market prices for natural gas and oil. Customers who have their own energy supplier or who take electric default service are not affected by this increase.
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. The Usource product line of Internet-based energy brokering and related products and services 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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Hampton, NH 03842-1720