connecticut electricity rates up 100%

Connecticut Electricity Rates Skyrocket in 2023

Electricity rates in Connecticut are going up an unprecedented 88% to 100% on January 1, 2023. Here’s the information you need to make the best decision for your home or small business.

TLDR: Time to shop for a competitive supplier for your home or business in Connecticut. You can lock in a rate that’s lower than the utility price.

Shop Residential Electricity Rates in Connecticut

Connecticut Electricity Rates For January – June 2023

Eversource Connecticut residential electricity rates are jumping from 12.050¢/kWh to 24.172¢/kWh on January 1, 2023, over a 100% increase.

For the average Eversource consumer using 700 kWh a month, that’s an additional $84.85 in your January 2023 bill vs. December 2022.

United Illuminating (UI) residential electricity rates are jumping from 10.62¢/kWh to 21.9429¢/kWh on January 1, 2023, over a 100% increase.

For the average UI consumer using 700 kWh a month, that’s an additional $83.09 in your January 2023 bill vs. December 2022

Business owners are also impacted.

Small commercial customers in Eversource will pay 23.032¢/kWh, up from 12.250¢/kWh in December, and 20.90663¢/kWh in UI vs. just 10.667¢/kWh in December.

Eversource Connecticut Rate History

UI Connecticut Rate History

Why are Connecticut Electricity Rates Going Up?

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 has jumped.

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 savings 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

Provider Plan Name Term Rate/kWh
Constellation 36 Month Home Power Plan 36 16.59 ¢ Details
Direct Energy Live Brighter 33 33 16.89 ¢ Details
Direct Energy Live Brighter 36 36 17.09 ¢ Details
XOOM Energy SureLock 12 12 18.69 ¢ Details
Direct Energy Live Brighter 12 12 19.19 ¢ Details
XOOM Energy RescueLock 12 12 19.59 ¢ Details
Direct Energy Live Brighter 18 18 20.39 ¢ Details

Shop Electricity Rates in United Illuminating (UI) Area

Provider Plan Name Term Rate/kWh
Constellation 36 Month Home Power Plan 36 16.79 ¢ Details
Direct Energy Live Brighter 33 33 16.89 ¢ Details
Direct Energy Live Brighter 36 36 16.99 ¢ Details
XOOM Energy SureLock 12 12 18.49 ¢ Details
Direct Energy Live Brighter 12 12 19.09 ¢ Details
Direct Energy Live Brighter 18 18 20.29 ¢ Details

Shop Connecticut Electricity Rates by Zip

Small Business Electricity Rates – Options in Connecticut

Business owners in Connecticut can shop for electricity rates and save versus the utility rates. After all, did you budget for an 88% increase in your electricity costs? We didn’t think so.

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.

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