Hampton, NH. (October 18, 2002): Unitil Corporation (AMEX:UTL) (www.unitil.com) reported that its New Hampshire subsidiaries Concord Electric Company (CECo) and Exeter & Hampton Electric Company (E&H) have filed requests to increase their Fuel and Purchased Power Adjustment Charges (FAC and PPAC) with the New Hampshire Public Utilities Commission (PUC). If approved, the new rates will go into effect November 1, 2002. The increase is due to somewhat higher fuel costs in the second half of 2002 and in early 2003 as well as the recovery of an undercollection from the prior period.
The bill for a typical residential customer using 500 kWh per month would increase $3.12 or 6.23% to $53.08 per month for CECo and $2.85 or 5.84% to $51.67 per month for E&H customers. After the increases, CECo and E&H rates will remain the lowest in New Hampshire.
The revised FAC and PPAC will be superceded in December by new rates designed to implement various provisions of Unitil's Restructuring Settlement Agreement, which was approved orally by the PUC on September 18th. A written Order is pending. Specifically, as of December 1, 2002, CECo and E&H are to be merged into a single company, Unitil Energy Systems, Inc. (UES), all CECo and E&H rates will be consolidated under a single UES Tariff, and customers will be charged a new Interim FAC and PPAC. Overall rate levels will be unchanged, although individual customers will see some changes on their bills depending on class and customer usage patterns. On May 1, 2003, Unitil expects to complete the restructuring process and to reduce rates by approximately 1%.
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.
Contact
George Gantz
gantz@unitil.com
Corporate Office
Liberty Lane West
Hampton, NH 03842-1720
800/999-6501
