In fact all energy prices — already on the rise due to the economic recovery from the pandemic and a colder-than-normal winter — spiked in the wake of Russia’s invasion of Ukraine. That includes oil, natural gas, and electricity. Wholesale US natural gas prices are up 280% year over year while the cost of electricity in Massachusetts is up 125%.
While CMLP practices a conservative power purchase strategy, the cost increases still impact us. In order to generate enough revenue to pay for the increased cost of electricity, it is necessary to increase the rate we charge for energy effective with July 2022 bills. The increase will amount to a $30 per month increase in the median residential customer’s electric bill as is illustrated on the graph below.