HINGHAM MUNICIPAL LIGHTING PLANT
222 Central Street
Hingham, MA 02043-2745
FAX (781) 749-1396
John G. Tzimorangas
John A. Stoddard, Jr, Chairman
Walter A. Foskett., Secretary
Kevin J. Bulman, Commissioner
FOR IMMEDIATE RELEASE
Hingham Light Announces Electric Rate Reduction
(New Rates to take effect on April 1)
(Hingham, MA, March 6, 2006) As Hingham consumers have been dealing with high energy costs this winter, Hingham Light has working to lessen the cost of electricity in the Town. The Hingham Municipal Light Board voted at their last Board meeting to approve a rate reduction for the 8,700 residential and 1,200 commercial electric customers in Hingham.
“We are able to provide our rate payers with some rate relief, during this time of rising energy costs, and that is a good thing”, said John A. Stoddard, Jr., Chairman of the Municipal Light Board.
A customer using an average of 500 kwh per month will save $3.36 per month starting April 1, 2006 under the new rate structure approved by the Light Board. An HMLP customer will be paying $66.99 per month compared to the surrounding investor-owned utilities customers using 500 kwh who are paying $81.54 (National Grid), $101.85 (NSTAR-Boston Edison) and $104.41 (NSTAR-ComElectric), the Board was told during the rate structure presentation.
“We were able to negotiate and secure a power supply contract that was advantageous to our customers. This helps us stabilize our rates for the coming year, so we can pass those savings onto the customers, who have seen their energy bills rise since the Gulf Coast hurricanes last fall caused the energy market to increase to record levels”, commented John G. Tzimorangas, HMLP General Manager as he addressed the Board.
The Hingham Light commercial customers will also see a reduction in the energy portion of their bills of about 1.5% to 2.0% based on the new rate structure..
“The company reviews its power supply portfolio regularly to take advantage of decreasing markets whenever possible. The energy market has somewhat softened, with natural gas prices retreating from all time highs and there may be some opportunities to leverage this decrease into our energy mix and provide additional savings to the customers”, suggested Tzimorangas when asked about future power costs.