Hampton, NH. (April 23, 2004): Unitil Corporation today filed the results of its latest electric Default Service solicitation with the Massachusetts Department of Telecommunications and Energy (MDTE). If the filing is approved, electric Default Service bills will increase about 2% for most residential and small business Default Service customers for the period beginning June 1, 2004. The new rates will be in place through November, 2004 for these customers.
A typical residential customer using 500 kWh per month will see their bill increase $1.35 to $68.05, or 2.0%. The proposed residential Default Service rate is lower than Unitil's current Standard Offer Service rate, so low income customers (who receive the lower of the two rates) will remain on the Default Service rate.
Default Service for large commercial, industrial and street lighting customers is procured and priced for three month periods. The Default Service rates for these customers, for the summer period of June 1, 2004 through August 31, 2004, will be increasing from 5.9% to 9.5% depending on rate class and usage.
The rate increases are being driven primarily by the higher cost of oil and gas. 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 Unitil. Approximately 44% of Unitil's electric customers are on Default Service.
Customers who have their own energy supplier or take Standard Offer Service are not affected by this rate change.
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.
Contact
Stephanye Schuyler
schuyler@unitil.com
Corporate Office
Liberty Lane West
Hampton, NH 03842-1720
800/999-6501
