Hampton, NH – August 1, 2001: Following a year of unprecedented increases in energy costs, wholesale energy prices have recently dropped sharply and Unitil/Concord Electric Company and Unitil/Exeter & Hampton Electric Company have reduced retail electric rates to their customers effective August 1, 2001. The New Hampshire Public Utilities Commission approved the rate decrease on July 31, 2001. For a typical residential customer using 500 kilowatt-hours per month the rate reductions result in the lowest monthly electric bills in New England.
"Unitil’s low rates demonstrate that our employees are passionately committed to our customers," said Unitil CEO Bob Schoenberger. "This spirit shows in our expert energy procurement as well as the excellence of our distribution operations."
The PUC order approving the rate decrease praised Unitil’s energy procurement process, indicating that Staff’s investigation found that Unitil "is striking the right balance between preparing for a deregulated market and reducing, to the extent practicable, price volatility experienced by retail customers."
The PUC also commended Unitil’s advocacy in regional energy markets. "The record here shows that it has become necessary for Unitil and its affiliates to intervene in no fewer than 58 proceedings before the FERC in order to assert, on its own behalf as well as on behalf of ratepayers, its right to wholesale energy at just and reasonable rates. We commend the Unitil companies for their vigilance in this regard."
A typical CECo residential customer using 500 kWh per month will see a decrease of $9.44, yielding a total monthly bill of $53.44. A typical E&H residential customer using 500 kWh per month will see a decrease of $9.82, yielding a total monthly bill of $50.93. The decrease primarily reflects reduced wholesale energy costs, but also incorporates minor changes in state tax policy implemented earlier this year. The decreases apply to electrical usage on or after August 1, 2001.
Unitil Corporation (AMEX:UTL) (www.unitil.com) is a public utility holding company with subsidiaries providing electric service in New Hampshire and electric and gas service in Massachusetts and energy services throughout the Northeast. Its 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 unit 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
Stephanye Schuyler
schuyler@unitil.com
Corporate Office
Liberty Lane West
Hampton, NH 03842-1720
800/999-6501
