Connecticut Light And Power Scrambles To Reduce Rates Will This Keep Customers?
Connecticut Light and Power recently announced that their rates will be falling in the New Year. There are many that have left Connecticut Light and Power recently due to their higher price electrical rates.
So the question remains, why are the electrical rates going to be reduced? Connecticut Light and Power does adjust their rates usually at least once a year so this is nothing out of the ordinary. But some theorize there is more to this rate reduction then business as normal.
Traditionally winter rates are lower for many Public Utilities because electrical demands are not as high in the winter. This is because many people heat their houses with natural gas and heating oil to cut energy costs of high priced electricity in their homes.
Usually during the summer, electricity rates increase because of the increased consumption of electricity to operate air conditioners.. Thats why brown outs tend to occur in the hot summer months across the country, particularly during heat waves.
Is there more to this rate reduction that business as usual?
There is some speculation that Connecticut Light and Power may be changing their rates in an attempt to retain their dwindling list of customers. According to some, as many as 30-40% of Connecticut residents have changed to cheaper rate electrical providers in less than 2 years.
Well it only makes since that many are leaving when they can get the same product, electricity, for a reduced rate. There is a growing list of competitors selling electricity now in Connecticut since the deregulation of the market. The majority of these competitors are selling electricity below the current rate of CL&P.
Many are wondering if Connecticut Light and Power will reduce their rates below the rest of the market. When only a few years ago Connecticut Light and Power had a monopoly in Connecticut, its clear they need to do something fast to stay afloat in the increasingly competitive energy industry.
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