connecticut electricity rates up 100%

Connecticut Electricity Rates Skyrocket in 2023

  • Written By: Shannon Bedrich

  • Electricity rates in Connecticut went up an unprecedented 88% to 100% on January 1, 2023. Rates are declining July 1, 2023, but you can still lock in a low fixed rate for your home or business in Connecticut.

    Shop Residential Electricity Rates in Connecticut

    Connecticut Electricity Rates for July – December 2023

    Eversource Connecticut residential electricity rates decline from from 24.172¢/kWh 13.082¢/kWh on July 1, 2023. Rates in July – December 2022 were 12.050¢/kWh.

    United Illuminating (UI) residential electricity rates decline from 21.9429¢/kWh to 14.33¢/kWh on July 1, 2023. Rates in July – December 2022 were 10.62¢/kWh

    Rates for small commercial customers in Eversource will drop from 23.032¢/kWh to 14.26¢/kWh on July 1 (vs. 12.250¢/kWh for July – December 2022).

    Rates for small commercial in United Illuminating will fall from 20.90663¢/kWh to 14.37¢/kwh in July (vs. 10.667¢/kWh for July – December 2022).

    Tired of the utility rates roller coaster? Lock in a fixed rate electricity

    Eversource Connecticut Rate History

    UI Connecticut Rate History

    Why are Connecticut Electricity Rates Changing?

    High natural gas prices are a global issue, the result of supply, demand and geopolitical issues. With Russia’s invasion of Ukraine, more natural gas is going overseas as Liquified Natural Gas (LNG). That makes domestic natural gas prices more expensive.

    And since over 50% of power plants in New England use natural gas to generate power, the price of power jumped in early 2023.

    Eversource and UI offer a standard service rate that’s set based on their cost to buy wholesale electricity. By law, these utilities purchase their electricity twice a year in an auction process. And they pass 100% of their costs to consumers.

    Connecticut utilities can’t buy ahead of time, buy long term electricity contracts or undertake different purchasing initiatives.

    That’s why you should consider shopping for an alternative supplier to get the best rate.

    Shop for a Supplier to Get a Lower Electricity Rate in Connecticut

    Utilities can’t buy ahead in the electricity market. They are forced to buy electricity at the current rates.

    But suppliers have options. And that’s why they can offer you a fixed rate plan that’s lower then the utility rate.

    Fixed rate electricity plans are based on what’s called “hedging.” Suppliers purchase longer term electricity contracts and get better prices than what the utility can get right now.

    These plans give you a cheaper rate versus the standard service offer.

    And if the utility rates drop again in July? Early termination penalties are low, if any. You can always cancel and go back to the utility.

    New to electricity shopping? Read our article on how to shop for electricity in Connecticut.

    Shop Electricity Rates in Eversource Connecticut Area

    Plan Name Term Rate/kWh
    Constellation 12 Month Home Power Plan 12 9.29 ¢
    Constellation 24 Month Home Power Plan 24 8.79 ¢
    Direct Energy Live Brighter 6 6 11.09 ¢
    Direct Energy Live Brighter 24 24 12.59 ¢

    Shop Electricity Rates in United Illuminating (UI) Area

    Plan Name Term Rate/kWh
    Constellation 12 Month Home Power Plan 12 10.39 ¢
    Constellation 24 Month Home Power Plan 24 9.99 ¢
    Direct Energy Live Brighter 6 6 11.59 ¢
    Direct Energy Live Brighter 24 24 13.39 ¢

    Shop Connecticut Electricity Rates by Zip

    Small Business Electricity Rates – Options in Connecticut

    If you spend under $2500 a month for your electricity, you can compare Connecticut business electricity rates online and save versus the utility costs.

    Spend more than that? You can get a custom quote for your business. Just talk to one of our energy experts by calling 844-214-5559.

    About Shannon Bedrich

    Shannon Bedrich, co-founded ElectricityPlans in 2016 after shopping for electricity rates using a confusing state-sponsored website. A CPA and our CFO, Shannon is the one that deciphers the fine print on each electricity plan. Outside of work, Shannon enjoys spending time with family, rooting for the Aggies, and exploring all that Houston has to offer.

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