Just two years after a state contract to buy power from the Millstone Nuclear Power Station in Waterford led to a surge in summer electric rates, that same contract is a major factor behind a significant drop in rates slated to take effect in September. Adjusted rates that PURA approved last week are expected to save the average residential Eversource electric customer about $9.78 per month, and $7.72 a month for United Illuminating customers. That cost savings is driven by the millions of dollars the electric companies saved by buying power from Millstone and the Seabrook Nuclear Power Plant at rates that are now below the market average in New England. The see-saw in prices from 2020 to 2022 show how volatile the Millstone contract can be for Connecticut electric customer rates, but two new federal tax credits for nuclear production could offset the higher costs of buying power from Millstone in the future when market rates are low.
Controversial Millstone Guarantees Pay Dividends for Customers With Drop in Electric Rates