Unitil Files for a Change in Electric Distribution Rates for New Hampshire Customers

Rhea-AI Summary

Unitil Corporation (NYSE: UTL) announced a base rate case filing with the New Hampshire Public Utilities Commission for its electric distribution utility, Unitil Energy Systems, Inc. The proposal seeks a $11.99 million increase (4.4%) in base rates, potentially raising residential bills by $9.87 per month (8.2%) for an average usage of 600 kWh. The filing includes initiatives for modernizing the electric grid, EV infrastructure, and customer support programs. The review process may last up to a year, following the last rate case filed in 2016.

Positive

• Proposed initiatives to modernize the electric grid and enhance energy management.
• Introduction of time-of-use rates for electric vehicle charging, promoting EV adoption.
• Plans to limit future rate increases and mitigate the initial rate hike's impact on customers.

Negative

• Requested base rate increase of $11.99 million could strain customers' budgets.
• Typical residential customers may see an 8.2% monthly increase, which might be burdensome.

HAMPTON, N.H., April 02, 2021 (GLOBE NEWSWIRE) -- Unitil Corporation (NYSE: UTL) (www.unitil.com) announced today that its New Hampshire electric distribution utility, Unitil Energy Systems, Inc., (“UES” or the “Company”) filed a base rate case with the New Hampshire Public Utilities Commission (the “Commission”) requesting approval to change distribution rates for all customers. This filing will be subject to comprehensive review by the Commission in a base rate case proceeding that may last up to a year or more. The Company’s last base rate case was filed in 2016.

UES’s multi-year rate filing includes proposed initiatives to advance New Hampshire’s energy, environmental, and regulatory policies, and to enable customers to adopt new technologies and better manage their energy consumption. Those proposals include foundational investments needed to modernize the electric grid, time of use rates for electric vehicle charging and other residential uses, an electric vehicle infrastructure development program, a revenue decoupling mechanism, resiliency programs to further the Company’s commitment to reliability, and an arrearage management program for customers experiencing difficulty in paying their energy bills. The Company’s proposal also includes certain provisions intended to mitigate the rate filing’s effect on customer rates, and to limit future rate increases.   

UES requested an electric base rate increase of $11.99 million, or 4.4 percent over total annual revenue at present rates. If the rates are approved as filed, the typical residential electric customer using an average of 600 kWh a month would see an increase of $9.87 per month, or 8.2 percent. Effects on individual customers will vary depending on rate class and usage characteristics.

About Unitil Corporation

Unitil Corporation provides energy for life by safely and reliably delivering natural gas and electricity in New England. We are committed to the communities we serve and to developing people, business practices, and technologies that lead to the delivery of dependable, more efficient energy. Unitil Corporation is a public utility holding company with operations in Maine, New Hampshire and Massachusetts. Together, Unitil’s operating utilities serve approximately 107,100 electric customers and 85,600 natural gas customers. For more information about our people, technologies, and community involvement please visit www.unitil.com.

For more information please contact:
Todd Diggins – Investor Relations		Alec O’Meara – Media Relations
Phone: 603-773-6504		Phone: 603-773-6404
Email: diggins@unitil.com		Email: omeara@unitil.com

FAQ

What is Unitil Corporation's recent base rate case filing about?

Unitil Corporation filed a base rate case with the New Hampshire Public Utilities Commission seeking a $11.99 million increase in distribution rates for its electric utility.

How much is the proposed rate increase for Unitil Corporation?

The proposed increase is $11.99 million, or 4.4% over current total annual revenue.

What impact will the rate increase have on residential customers?

Residential customers using an average of 600 kWh per month could see an increase of $9.87, which is approximately 8.2%.

What initiatives are included in the rate case filing?

The filing includes modernization of the electric grid, EV infrastructure, and programs to assist customers in managing energy bills.

How long will the review process for the rate case take?

The review process could last up to a year or more.